High-Point Department Store is located near the Village Shopping Mall. At the Prepare a multiple-step end of the company’s fiscal year on December 31, 2001, these accounts appeared in its income statement.

adjusted trial balance:

Additional facts:
1. Merchandise inventory on December 31, 2001, is $75,000.
2. Note that High-Point Department Store uses a periodic system.
Instructions Prepare an income statement for the year ended December 31, 2001.

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Accounts Payable Accounts Receivable $ 89,300 50,300 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Building Cash 52,500 42,900 190,000 23,000 Depreciation Expense-Building 10,400 Depreciation Expense-Equipment 13,300 Equipment 110,000 Freight-in 5,600 Insurance Expense 7,200 Merchandise Inventory 40,500 Mortgage Payable 80,000 Office Salaries Expense 32,000 Prepaid Insurance 2,400 Property Taxes Payable 4,800 Purchases 442,000 Purchase Discounts 12,000 Purchase Returns and Allowances 6,400 Sales Salaries Expense 76,000