At the end of Ermler Department Stores fiscal year on November 30, 2014, these accounts appeared in
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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.
AppendixLO1
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Accounting Tools For Business Decision Making
ISBN: 9781118771112
5th Edition
Authors: Kimmel, Wetlands, Kieso
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