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henry johnson henry johnson
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2 years ago
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.
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Educator
2 years ago
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:
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