Question
In: Accounting
Prepare an income statement through gross profit for the year ended November 30, 2014.
At the end of Ermler Department Store’s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
Freight-In ………… $ 5,060
Inventory (beginning)…….. 41,300
Purchases………….. 613,000
Purchase Discounts……….. 7,000
Purchase Returns and Allowances… 6,760
Sales Revenue……….. 902,000
Sales Returns and Allowances….. 20,000
Additional facts:
1. Inventory on November 30, 2014, is $36,200.
2. Note that Ermler Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended November 30, 2014.
Solutions
Expert Solution
Income statement for the year ended 30 november 2014
Particulars Amount Amount
| Sales | ||||
| Sales Revenues | 902000 | |||
| less: sales returns and allowances | 20000 | |||
| Net sales | 882000 | |||
| less:cost of goods sold | ||||
| Inventory(Beginning) | 41300 | |||
| Purchases | 613000 | |||
| less:Purchase returns and allowances | 6760 | |||
| Purchase discounts | 7000 | 13760 | ||
| Net purchases | 599240 | |||
| Add:Freight in | 5060 | |||
| cost of goods purchased | 604300 | |||
| cost of goods available for sale | 645600 | |||
| less:Inventory (Ending) | 36200 | |||
| Cost of goods sold | 609400 | |||
| Gross Profit | 272600 |
Income statement for the year ended 30 november 2014
Shaik sultan answered 3 years agoRelated Solutions
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