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Need help creating profit and loss statement. Prepare a profit and loss statement using the following values; the assigned format is based on class presentation:
Need help creating profit and loss statement.
Prepare a profit and loss statement using the following values; the assigned format is based on class presentation: Sales returns $10,000 Freight In 20,000 Corporate Insurance expense 4,000 Merchandise Inventory 2/1/2020 75,000 Merchandise Inventory 1/31/2021 47,000 Merchandise salary expense 27,000 Sales 350,000 Corporate Supply expense 17,000 CEO Utility expense 17,000 Merchandise advertising expense 12,000 Delivery expense 17,000 Merchandise Travel expense 12,000 Purchases 140,000 Purchase returns 7,000 Discounts 10,000 Markdown Allowances 25,000 Corporate Interest expense 11,000 Profit and loss summary Merchandise Math Professor G. Wolf Answers Sales: -Sales Returns Net Sales: % Beginning of the month (BOM) -Purchases -Discounts: -Allow: -RTV: Net Purchases +Freight or Transportation In Total Merchandise Handled (TMH) -End of the Month (EOM) Cost of Merchandise Sold Gross Margin % Direct Exp: -Total Dir Exp: % Contribution Margin: % Total Indirect Exp: % % Total Expense: % Op Income %Step by Step Solution
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