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Accounting For Merchandising Operations (Problems) : (B) Prepare The Income Statement

The document discusses accounting for merchandising operations and contains a problem asking to prepare an income statement. It involves a company that purchased merchandise for $60,000 during the period that it sold for $90,000 with expenses of $15,000. The income statement would show revenues of $90,000, cost of goods sold of $60,000 and expenses of $15,000 for net income of $15,000.

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97 views4 pages

Accounting For Merchandising Operations (Problems) : (B) Prepare The Income Statement

The document discusses accounting for merchandising operations and contains a problem asking to prepare an income statement. It involves a company that purchased merchandise for $60,000 during the period that it sold for $90,000 with expenses of $15,000. The income statement would show revenues of $90,000, cost of goods sold of $60,000 and expenses of $15,000 for net income of $15,000.

Uploaded by

Fares EL Deen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Chapter 5 : Accounting for Merchandising Operations

(problems)

E5-
1

(b) Prepare the income statement.

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