Use the following financial information to find the entry you would make on an income statement for INCOME BEFORE TAXES for the year ended December 31, 2011: Gross Sales, $222,000; Sales Returns and Allowances, $11,200; Sales Discounts, $1,800; Merchandise Inventory, January 1, 2011, $67,600; Merchandise Inventory, December 31, 2011, $79,000; Net Purchases, $84,000; Freight In, $950; Salaries, $107,800; Rent, $19,700; Utilities, $1,450; Insurance, $2,150; and Income Tax, $14,900. O ($10,550) O $4,350 O $131,100 O $135,450

Use the following financial information to find the entry you would make on an income statement for INCOME BEFORE TAXES for the year ended December 31, 2011: Gross Sales, $222,000; Sales Returns and Allowances, $11,200; Sales Discounts, $1,800; Merchandise Inventory, January 1, 2011, $67,600; Merchandise Inventory, December 31, 2011, $79,000; Net Purchases, $84,000; Freight In, $950; Salaries, $107,800; Rent, $19,700; Utilities, $1,450; Insurance, $2,150; and Income Tax, $14,900. O ($10,550) O $4,350 O $131,100 O $135,450

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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