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Assignment 3 The following information is taken from the records of Prabhjot Prince Inc. at June 3 0 , 2 0 2 2 , its
Assignment The following information is taken from the records of Prabhjot Prince Inc. at June its fiscal yearend: Advertising expense $ Commissions expense Delivery expense Insurance expense Opening inventory Purchases Purchase returns and allowances Rent expense Salaries expense Sales gross Sales returns and allowances Transportationin The merchandise inventory at June amounted to $ Required: Prepare a classified income statement. Assume all expenses not related to cost of goods sold are selling expenses. Compute gross profit percentage.
Assignment
The following information is taken from the records of Prabhjot Prince Inc. at June its
fiscal yearend:
Advertising expense $
Commissions expense
Delivery expense
Insurance expense
Opening inventory
Purchases
Purchase returns and allowances
Rent expense
Salaries expense
Sales gross
Sales returns and allowances
Transportationin
The merchandise inventory at June amounted to $
Required:
Prepare a classified income statement. Assume all expenses not related to cost of goods sold
are selling expenses.
Compute gross profit percentage.
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