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Prepare an income statement through gross profit for the month of May 2017. (Round answers to 0 decimal places, e.g. 5,275.)

Prepare an income statement through gross profit for the month of May 2017. (Round answers to 0 decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING
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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Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $ 9,600 and Common Stock of $ 9,600. May Purchased merchandise on account from Black Wholesale Supply for $ 8,100, terms 1/10, n/30. 1 2 Sold merchandise on account for $4,900, terms 2/10, n/30. The cost of the merchandise sold was $3,675. 5 Received credit from Black Wholesale Supply for merchandise returned $ 400. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $ 1,080. 12 Purchased merchandise for cash $ 3,720. 15 Received $276 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wil Distributors for $2,850, terms 2/10, n/30. 19 Paid freight on May 17 purchase $300. 24 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,920. 25 Purchased merchandise from Clasps Inc. for $960, terms 3/10, n/30.
Transcribed Image Text:Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $ 9,600 and Common Stock of $ 9,600. May Purchased merchandise on account from Black Wholesale Supply for $ 8,100, terms 1/10, n/30. 1 2 Sold merchandise on account for $4,900, terms 2/10, n/30. The cost of the merchandise sold was $3,675. 5 Received credit from Black Wholesale Supply for merchandise returned $ 400. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $ 1,080. 12 Purchased merchandise for cash $ 3,720. 15 Received $276 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wil Distributors for $2,850, terms 2/10, n/30. 19 Paid freight on May 17 purchase $300. 24 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,920. 25 Purchased merchandise from Clasps Inc. for $960, terms 3/10, n/30.
Prepare an income statement through gross profit for the month of May 2017. (Round answers to 0 decimal places, e.g. 5,275.) WINTERS HARDWARE STORE Income Statement (Partial) $ पण
Transcribed Image Text:Prepare an income statement through gross profit for the month of May 2017. (Round answers to 0 decimal places, e.g. 5,275.) WINTERS HARDWARE STORE Income Statement (Partial) $ पण
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