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The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases 2,300 Sales 7,900 Accounts Payable 90 Ending Inventory ?

The following are selected account balances for Streamline Services:

Selling Expenses

$500

Interest Expense

42

Purchases

2,300

Sales

7,900

Accounts Payable

90

Ending Inventory ?
Prepaid Insurance

84

Net Sales

7,430

Purchase Discounts

158

Beginning Inventory

300

Sales Returns and Allowances ?
Purchase Returns and Allowances

180

Cost of Goods Sold

1,500

Sales Discounts

260

Required: Prepare a partial income statement through gross profit on sales. Do not prepare the heading.

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