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Accounting

At the end of Gordman Department Store's fiscal year on December 31, 2011, these accounts appeared in its adjusted trial balance.

Freight-in $5,600
Merchandise Inventory 40,500
Purchases 447,000
Purchase Discounts 12,000
Purchases Returns and Allowances 6,400
Sales 718,000
Sales Returns and Allowances 8,000

Additional facts:

1. Merchandise inventory on December 31, 2011, is $75,000.
2. Note that Gordman Department Store uses a periodic system.

Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409125

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