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Tucker Department Store uses a periodic inventory system. The adjusted trial balance of Tucker Department Store at December 31, 2018, follows: (Click the icon to
Tucker Department Store uses a periodic inventory system. The adjusted trial balance of Tucker Department Store at December 31, 2018, 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, 2018. 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 Department Store Income Statement Year Ended December 31, 2018 Less: Plus: Less: Gross Profit Tucker Department Store Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 7,800 Accounts Receivable 85,000 Merchandise Inventory (beginning) 37,700 Office Supplies 300 Furniture 82,000 Accumulated Depreciation- Furniture $ 18,400 Accounts Payable 29,100 Salaries Payable 2.400 Unearned Revenue 15,200 Notes Payable, long-term 33,000 Tucker, Capital 45,100 Tucker. Withdrawals 89,500 Sales Revenue 390,000 Purchases 284,000 Purchase Returns and Allowances 118,000 Purchase Discounts 6.900 Freight in 400 Selling Expense 42,200 Administrative Expense 26,100 Interest Expense 3,100 Total 658,100 $ 658,100
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