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At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-in $7600 Inventory 40,900 Purchases 585,200 Purchase D 5,900 Purchase Returns and Allowances 2.800 Sales Revenue 1.164,700 Sales Returns and Allowances 20.000 Additional facts: 1. Merchandise inventory on November 30, 2020, is $ 51.800. 2 Flounder Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the numberes. -45 or parentheses es (45).) FLOUNDER DEPARTMENT STORE Income Statement (Partial)

At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-in $7600 Inventory 40,900 Purchases 585,200 Purchase D 5,900 Purchase Returns and Allowances 2.800 Sales Revenue 1.164,700 Sales Returns and Allowances 20.000 Additional facts: 1. Merchandise inventory on November 30, 2020, is $ 51.800. 2 Flounder Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the numberes. -45 or parentheses es (45).) FLOUNDER DEPARTMENT STORE Income Statement (Partial)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 40,900 Purchases 585,200 Purchase Discounts 5,900 Purchase Returns and Allowances 2,800 Sales Revenue 1,164,700 Sales Returns and Allowances 20,000 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,800. 2. Flounder Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) FLOUNDER DEPARTMENT STORE Income Statement (Partial) $ + Week 5- Homework: Chapter 5 4 of 5 > -/5.6
Transcribed Image Text:At the end of Flounder Department Store's fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 40,900 Purchases 585,200 Purchase Discounts 5,900 Purchase Returns and Allowances 2,800 Sales Revenue 1,164,700 Sales Returns and Allowances 20,000 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,800. 2. Flounder Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) FLOUNDER DEPARTMENT STORE Income Statement (Partial) $ + Week 5- Homework: Chapter 5 4 of 5 > -/5.6
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