Tucker Department Store uses a periodic inventory system. The adjusted trial balance of Tucker Department Store at , follows: December 31, 2016

Tucker Department Store uses a periodic inventory system. The adjusted trial balance of Tucker Department Store at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Tucker Department Store's multi-step income statement for the year ended December 31, 2016. Assume ending Merchandise Inventory is $36,100. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Tucker Company Income Statement Year Ended December 31, 2016 Less: Less: Plus: Less: Accounts Payable Gross Profit Net Income (Loss) Requirement 2. Journalize Tucker Department Store's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues and other contra-expense accounts with credit balances. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Close expenses and any contra-revenue accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summary Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close Owners Withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Tucker Department Store Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 8,600 Accounts Receivable 85,000 Merchandise Inventory (beginning) 37,700 Office Supplies 200 Furniture 80,000 Accumulated DepreciationFurniture $ 19,300 Accounts Payable 29,300 Salaries Payable 3,600 Unearned Revenue 14,300 Notes Payable, long-term 43,000 Tucker, Capital 42,800 Tucker, Withdrawals 89,300 Sales Revenue 392,000 Sales Returns and Allowances 6,100 Sales Discounts 4,900 Purchases 284,000 Purchase Returns and Allowances 116,000 Purchase Discounts 6,300 Freight in 100 Selling Expense 41,500 Administrative Expense 26,300 2,900 Interest Expense Total 666,600 666,600 $ Print Done