Sunland Hardware Store completed the following merchandising transactions in the month of May At the beginning of May, the ledger of Sunland showed Cash of $4,500 and Owners Capital of $4,500 May 1 Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2 10, n 30 2 Sold merchandise on account $2,500, terms 1 10, n 30 The cost of the merchandise sold was $1,600 5 Received credit from Braun's Wholesale Supply for merchandise returned $400 9 Received collections in full, less discounts, from customers billed on sales of $2,500 on May 2 10 Paid Braun's Wholesale Supply in full, less discount 11 Purchased supplies for cash $300 12 Purchased merchandise for cash $1,300 15 Received refund for poor quality merchandise from supplier on cash purchase $150 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2 10, n 30 19 Paid freight on May 17 purchase $170 24 Sold merchandise for cash $3,500 The merchandise sold had a cost of $2,100 25 Purchased merchandise on account from Lumley, Inc $700, FOB destination, terms 2 10, n 30 27 Paid Valley Distributors in full, less discount 29 Made refunds to cash customers for defective merchandise $70 The returned merchandise had a fair value of $40 31 Sold merchandise on account $1,000, terms n 30 The cost of the merchandise sold was $600 Sunland Hardwares chart of accounts includes the following No 101 Cash, No 112 Accounts Receivable, No 120 Inventory, No 126 Supplies, No 201 Accounts Payable, No 301 Owners Capital, No 401 Sales Revenue, No 412 Sales Returns and Allowances, No 414 Sales Discounts, and No 505 Cost of Goods Sold NEED BELOW Prepare an income statement through gross profit for the month of May 2020 (Enter negative amounts using either a negative sign preceding the number e g 45 or parentheses e g (45) ) Prepare an income statement through gross profit for the month of May 2020 (Enter negative amounts using either a negative sign preceding the number e g 45 or parentheses e g (45) ) SUNLAND HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2020 Sales Sales Revenue 2500 Less Sales Returns and Allowances od Sales Discounts Net Sales x X

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Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sunland showed Cash of

Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sunland showed Cash of $4,500 and Owners Capital of $4,500.

May 1		Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2/10, n/30.
2		Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600.
5		Received credit from Braun's Wholesale Supply for merchandise returned $400.
9		Received collections in full, less discounts, from customers billed on sales of $2,500 on May 2.
10		Paid Braun's Wholesale Supply in full, less discount.
11		Purchased supplies for cash $300.
12		Purchased merchandise for cash $1,300.
15		Received refund for poor quality merchandise from supplier on cash purchase $150.
17		Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30.
19		Paid freight on May 17 purchase $170.
24		Sold merchandise for cash $3,500. The merchandise sold had a cost of $2,100.
25		Purchased merchandise on account from Lumley, Inc. $700, FOB destination, terms 2/10, n/30.
27		Paid Valley Distributors in full, less discount.
29		Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $40.
31		Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600.

Sunland Hardwares chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owners Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

NEED BELOW:

Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) image text in transcribed

Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SUNLAND HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2020 Sales Sales Revenue 2500 Less Sales Returns and Allowances od Sales Discounts Net Sales x X