This Website Has Been Moved To A New Address

Loading

P5-5B At the end of Duckwall Department Store’s fiscal year on November 30, 2008, these accounts

Price: $3.99


P5-5B At the end of Duckwall Department Store’s fiscal year on November 30, 2008, these accounts
appeared in its adjusted trial balance.
Freight-in $ 5,060
Merchandise Inventory 44,360
Purchases 650,000
Purchase Discounts 7,000
Purchase Returns and Allowances 3,000
Sales 900,000
Sales Returns and Allowances 20,000

Additional facts:
1. Merchandise inventory on November 30, 2008, is $36,200.
2. Note that Duckwall Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended November 30, 2008.

No comments:

Post a Comment