At the end of Sunland Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Freight-In $5,660 41,900 Inventory (beginning) Purchases 619,000 Purchase Discounts 7,600 Purchase Returns and Allowances 7,360 908,000 20,600 Sales Revenue Sales Returns and Allowances Additional facts: 1. Inventory on November 30, 2022, is $36,800. 2. Note that Sunland Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2022.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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At the end of Sunland Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance.
Freight-In
$5,660
41,900
Inventory (beginning)
Purchases
619,000
Purchase Discounts
7,600
Purchase Returns and Allowances 7,360
908.000
20,600
Sales Revenue
Sales Returns and Allowances
Additional facts:
1. Inventory on November 30, 2022, is $36,800.
2. Note that Sunland Department Store uses a periodic system.
Prepare an income statement through gross profit for the year ended November 30, 2022.
Sales
Sales Revenue
Less: Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Inventory, December 1, 2021
Purchases
SUNLAND DEPARTMENT STORE
Income Statement (Partial)
For the Year Ended November 30, 2022
$
$
Transcribed Image Text:At the end of Sunland Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Freight-In $5,660 41,900 Inventory (beginning) Purchases 619,000 Purchase Discounts 7,600 Purchase Returns and Allowances 7,360 908.000 20,600 Sales Revenue Sales Returns and Allowances Additional facts: 1. Inventory on November 30, 2022, is $36,800. 2. Note that Sunland Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2022. Sales Sales Revenue Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Inventory, December 1, 2021 Purchases SUNLAND DEPARTMENT STORE Income Statement (Partial) For the Year Ended November 30, 2022 $ $
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