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At the end of Wildhorse Co.’s fiscal year on November 30, 2019, these accounts appeared in...

At the end of Wildhorse Co.’s fiscal year on November 30, 2019, 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, 2019, is $51,800. 2. Wildhorse Co. uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2019.

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Expert Solution

Wildhorse Co
Income Statement
Sales      1,164,700
Less: Sales Returns and Allowances         (20,000)
Net Sales      1,144,700
Cost of Goods Sold:
Beginning Inventory          40,900
Add: Purchases        585,200
Less: Purchase Discount          (5,900)
Less: Purchase return & allowance          (2,800)
Add: Frieght-in            7,600
Less: Ending Inventory         (51,800)
Cost of Goods Sold        573,200
Gross Profit       571,500

ekkarill92 answered 2 years ago
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