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Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2008: Gross sales, $247,000; sales returns and allowances, $12,000; sales discounts, $9,400. Merchandise inventory, Jan. 1, 2008, $41,500; merchandise inventory, Dec. 31, 2008, $89,000; net purchases, $52,800; freight in, $675; salaries, $93,400; rent, $20,100; utilities, $1,200; insurance, $2,375; and income tax, $15,600.   Use parentheses to show a loss

Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2008: Gross sales, $247,000; sales returns and allowances, $12,000; sales discounts, $9,400. Merchandise inventory, Jan. 1, 2008, $41,500; merchandise inventory, Dec. 31, 2008, $89,000; net purchases, $52,800; freight in, $675; salaries, $93,400; rent, $20,100; utilities, $1,200; insurance, $2,375; and income tax, $15,600.   Use parentheses to show a loss

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2008: Gross sales, $247,000; sales returns and allowances, $12,000; sales discounts, $9,400. Merchandise inventory, Jan. 1, 2008, $41,500; merchandise inventory, Dec. 31, 2008, $89,000; net purchases, $52,800; freight in, $675; salaries, $93,400; rent, $20,100; utilities, $1,200; insurance, $2,375; and income tax, $15,600.

 

Use parentheses to show a loss

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