Solution-Note that snyder department store uses a periodic

Note that snyder department store uses a periodic system

Reference no: EM13510761

At the end of Snyder Department Store's fiscal year on November 30, 2012, 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. Merchandise inventory on November 30, 2012, is $36,200.

2. Note that Snyder Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended November 30, 2012.

Reference no: EM13510761

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Note that snyder department store uses a periodic system

Reference no: EM13510761

Reference no: EM13510761

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