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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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