Show detail of net sales of the company

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Reference no: EM13913351

Using the selected year-end account balances at December 31, 2014, for Proof General Store that follow, prepare a 2014 multistep income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $26,000; ending merchandise inventory is $22,000.

Account name	Debit	Credit
Sales		$297,000
Sales Returns and Allowances	$ 15,200
Purchases	114,800
Purchases Returns and Allowances		4,000
Freight-In	5,600
Selling Expenses	48,500
General and Administrative Expenses	37,200
Income Tax Expense	6,800

Reference no: EM13913351

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