Question
I need help please preparing an income statement regarding the below question At the end of Ehlinger Department Stores fiscal year on December 31, 2012,
I need help please preparing an income statement regarding the below question
At the end of Ehlinger Department Stores fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance. Freight-in $ 7,200 Inventory (beginning) 40,500 Purchases 456,000 Purchase Discounts 12,000 Purchase Returns and Allowances 6,400 Sales Revenue 702,000 Sales Returns and Allowances 8,000 Additional facts: 1. Merchandise inventory on December 31, 2012, is $58,300. 2. Note that Ehlinger Department Store uses a periodic system. Instructions Prepare an income statement through gross profit for the year ended December 31, 2012.
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