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Title: Use the following financial information to find the entry you would make on an income statement for Post by: henry johnson on Mar 24, 2022 Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $ 223,000; Sales Returns and Allowances, $ 11,200; Sales Discounts, $ 1,800; Merchandise Inventory, January 1, 2011, $ 67,600; Merchandise Inventory, December 31, 2011, $ 78,300; Net Purchases, $ 84,000; Freight In, $ 950; Salaries, $ 107,200; Rent, $ 19,500; Utilities, $ 1,450; Insurance, $ 2,150; and Income Tax, $ 14,900.
Title: Re: Use the following financial information to find the entry you would make on an income statement Post by: bio_man on Mar 24, 2022 Hi Henry, I found an answer here:
https://biology-forums.com/index.php?topic=1731898.0 But there's also this question that's similar: Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2006: Gross sales, $110,000; sales returns and allowances, $8,000; sales discounts, $2,400. Merchandise inventory, January 1, 2006, $50,000; merchandise inventory, December 31, 2006, $43,100; net purchases, $80,500; freight in, $975; salaries, $92,900; rent, $15,500; utilities, $1,275; insurance, $2,450; and income tax, $15,650. And its solution: |