Question
At the end of Bridgeport Department Stores fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,500 Inventory 39,400
At the end of Bridgeport Department Stores fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance.
| Freight-In | $7,500 | |
| Inventory | 39,400 | |
| Purchases | 578,500 | |
| Purchase Discounts | 6,600 | |
| Purchase Returns and Allowances | 2,900 | |
| Sales Revenue | 1,044,700 | |
| Sales Returns and Allowances | 17,000 |
Additional facts:
| 1. | Merchandise inventory on November 30, 2020, is $53,800. | |
| 2. | Bridgeport Department Store uses a periodic system. |
Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| BRIDGEPORT DEPARTMENT STORE Income Statement (Partial) choose the accounting period For the Month Ended November 30, 2020For the Year Ended November 30, 2020November 30, 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| select an opening name for section one DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020SalesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | |||||||||
| enter an income statement item | $enter a dollar amount | ||||||||
| select between addition and deduction LessAdd: enter an income statement item | enter a dollar amount | ||||||||
| select a closing name for section one DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | enter a total amount for section one | ||||||||
| select an opening name for section two DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | |||||||||
| select an income statement item DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | $enter a dollar amount | ||||||||
| enter an opening subsection name | $enter a dollar amount | ||||||||
| select between addition and deduction AddLess: | |||||||||
| enter an income statement item | $enter a dollar amount | ||||||||
| enter an income statement item | enter a dollar amount | ||||||||
| enter a subtotal of the two previous amounts | |||||||||
| select a closing subsection name DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | enter a total amount for this subsection | ||||||||
| select between addition and deduction AddLess: enter an income statement item | enter a dollar amount | ||||||||
| select a summarizing line for this part DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | enter a subtotal of the two previous amounts | ||||||||
| select an income statement item DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | enter a total amount for the first part | ||||||||
| select bewteen addition and deduction LessAdd: select an income statement item DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenueTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | enter a dollar amount | ||||||||
| select a closing name for section two | enter a total amount for section two | ||||||||
| select a closing name for this part of the income statement DrawingsExpensesNet Income / (Loss)Inventory, Dec. 1, 2019Inventory, Nov. 30, 2020Sales RevenuesTotal ExpensesTotal RevenuesNet SalesCost of Goods SoldNet PurchasesCost of Goods PurchasedCost of Goods Available for SaleGross Profit | $enter a total amount for this part of the income statement | ||||||||
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