Activity 2. Prepare income statement using function of expense method withsupporting notes. Accounts selected from the December 31, 2020 trial balance of theCamz Traders are listed below:P 9,630,0004,720,0002,170,0001,430,0001,140,000920,000460,000320,000280,00055,000210,000170,000160,000110,00080,00070,00050,00030,000SalesPurchasesMerchandise Inventory, 1/1/2010Merchandise Inventory, 12/31/2020Salaries Expense-SellingSalaries Expense-GeneralOffice Supplies ExpenseDepreciation Expense-Office EquipmentSales Returns and AllowancesInsurance ExpenseSales DiscountsTransportation OutDepreciation Expense-Store EquipmentPurchase Returns and AllowancesSelling Supplies ExpensePurchases DiscountsTransportation InMiscellaneous Expenses

The income statement, also known as a profit and loss statement, is a financial statement prepared…

Answered: Activity 2. Prepare income statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Activity 2. Prepare income statement using function of expense method with supporting notes. Accounts selected from the December 31, 2020 trial balance of the Camz Traders are listed below: