How do I prepare an income statement table? At the end of Monty Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 41,500 Purchases 575,100 Purchase Discounts 6,600 Purchase Returns and Allowances 2,500 Sales Revenue 1,043,500 Sales Returns and Allowances 21,200 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,200. 2. Monty 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).)
How do I prepare an income statement table? At the end of Monty Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 41,500 Purchases 575,100 Purchase Discounts 6,600 Purchase Returns and Allowances 2,500 Sales Revenue 1,043,500 Sales Returns and Allowances 21,200 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,200. 2. Monty 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).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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How do I prepare an income statement table?
At the end of Monty Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted
| Freight-In | $7,600 | |
| Inventory | 41,500 | |
| Purchases | 575,100 | |
| Purchase Discounts | 6,600 | |
| Purchase Returns and Allowances | 2,500 | |
| Sales Revenue | 1,043,500 | |
| Sales Returns and Allowances | 21,200 |
Additional facts:
| 1. | Merchandise inventory on November 30, 2020, is $51,200. | |
| 2. | Monty 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).)
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