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Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $123,000; Sales Returns and Allowances, $9,300; Sales Discounts, $8,700; Merchandise Inventory, January 1, 2011, $89,000; Merchandise inventory, December 31, 2011, $109,500; Net Purchases, $74,700; Freight In, $575; Salaries, $107,800; Rent, $20,100; Utilities $1,425; Insurance, $2,250; and Income Tax, $15,900.

Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $123,000; Sales Returns and Allowances, $9,300; Sales Discounts, $8,700; Merchandise Inventory, January 1, 2011, $89,000; Merchandise inventory, December 31, 2011, $109,500; Net Purchases, $74,700; Freight In, $575; Salaries, $107,800; Rent, $20,100; Utilities $1,425; Insurance, $2,250; and Income Tax, $15,900.

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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Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $123,000; Sales Returns and Allowances, $9,300; Sales Discounts, $8,700; Merchandise Inventory, January 1, 2011, $89,000; Merchandise inventory, December 31, 2011, $109,500; Net Purchases, $74,700; Freight In, $575; Salaries, $107,800; Rent, $20,100; Utilities, $1,425; Insurance, $2,250; and Income Tax, $15,900.
Transcribed Image Text:Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $123,000; Sales Returns and Allowances, $9,300; Sales Discounts, $8,700; Merchandise Inventory, January 1, 2011, $89,000; Merchandise inventory, December 31, 2011, $109,500; Net Purchases, $74,700; Freight In, $575; Salaries, $107,800; Rent, $20,100; Utilities, $1,425; Insurance, $2,250; and Income Tax, $15,900.
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