Purpose an income statement through gross profit

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Reference no: EM1314370

Prepare an income statement through gross profit.

At the end of Truly Department Store's fiscal year on December 31, 2007, these accounts appeared in its adjusted trial balance

Freight -in				$	5,600
Merchandise Inventory (begin)	40,500
Purchases				446,000
Purchase Discounts			12,000
Purchase returns and allowances	6,400
Sales					727,000
Sales returns and allowances		8,000

Additional facts:

1. Merchandise inventory on December 31, 2007, is 71,000

2. Note that Truly Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended December 31, 2007

Reference no: EM1314370

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