Income statement through gross profit

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Reference no: EM13258582

Prepare an Income Statement through gross profit for the year ended December 31, 2007.

At the end of Company A's fiscal year on December 31, 2007, these accounts appeared in its adjusted trial balance.

Freight-in $ 5,600

Merchandise Inventory(beginning) 40,500

Purchases 446,000

Purchase Discounts 12,000

Purchase Returns andAllowances 6,400

Sales 727,000

Sales Returns and Allowances 8,000

Additional Facts:

1. Merchandise inventory on December 31,2007 is $71,000.

2. Note that Company A uses a periodic system.

Reference no: EM13258582

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