Make the statement of comprehensive income using a multi-step approach. Sales- 80,000 Merchandise Inventory beg.- 5,000 Sales Discount- 5,000 Net Purchases- 10,500 Sales returns- 2,000 Freight in- 8,000 Merchandise Inventory end- 3,500 General expenses- 12,000 Selling expenses- 4,000

Make the statement of comprehensive income using a multi-step approach. Sales- 80,000 Merchandise Inventory beg.- 5,000 Sales Discount- 5,000 Net Purchases- 10,500 Sales returns- 2,000 Freight in- 8,000 Merchandise Inventory end- 3,500 General expenses- 12,000 Selling expenses- 4,000

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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Question

Make the statement of comprehensive income using a multi-step approach.

Sales- 80,000

Merchandise Inventory beg.- 5,000

Sales Discount- 5,000

Net Purchases- 10,500

Sales returns- 2,000

Freight in- 8,000

Merchandise Inventory end- 3,500

General expenses- 12,000

Selling expenses- 4,000

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