Hi! Can you help me with this?Also, can you include the formulas you used? Thank you in advance! G 3000 TRADINGStatement of IncomeFor the Month Ended February 28, 20xxSales RevenueLess:Sales Returns and AllowancesSales DiscountsNet SalesLess Cost of Goods SoldPurchasesAdd:Freight InLess:Purchase Returns and Allowances PPurchase DiscountsNet PurchasesAdd:Merchandise Inventory, Jan. 31, 20xxGoods Available for SaleLess:Merchandise Inventory, Feb. 28, 20xx..... ...... ......Gross IncomeLess Operating ExpensesAdministrative ExpensesSalaries and BenefitsDepreciation, BuildingDepreciation, FF & EInterestMiscellaneousSelling ExpensesSalaries and BenefitsBad DebtsFreight OutDepreciation, Delivery TruckMiscellaneousPNet Income SET BFreight InMerchandise Inventory, Jan 31, 20xxMerchandise Inventory, Feb 28, 20xx15,000.00Purchase DiscountsPurchasesPurchases Returns and Allowances100,000.00200,000.0099,000.00.......2,000,000.0020,000.002,400,000.00118,500.00SalesSales DiscountsSales Returns and AllowancesAdministrative ExpensesDepreciation, BuildingDepreciation, FF & E25,000.003,000.001,200.00Interest24,000.0037,000.00MiscellaneousSalaries and BenefitsSelling ExpensesBad DebtsDepreciation, Delivery TruckFreight OutMiscellaneousSalaries and Benefits57,000.004,503.004,200.0022,000.0028,820.0058,000.00month ended February 28, 20xx.

Formula: Gross profit = Sales - cost of goods sold Deduction of cost of goods sold from sales value…

SET B Freight In Merchandise Inventory, Jan 31, 20xx Merchandise Inventory, Feb 28, 20xx Purchase Discounts Purchases Purchases Returns and Allowances 15,000.00 100,000.00 200,000.00 99,000.00 2,000,000.00 20,000.00 2,400,000.00 118,500.00 Sales Sales Discounts Sales Returns and Allowances Administrative Expenses Depreciation, Building Depreciation, FF & E 25,000.00 3,000.00 1,200.00 Interest 24,000.00 37,000.00 Miscellaneous Salaries and Benefits 57,000.00 Selling Expenses Bad Debts 4,503.00 Depreciation, Delivery Truck Freight Out Miscellaneous Salaries and Benefits 4,200.00 22,000.00 28,820.00 58,000.00 Required: From the above data, prepare the Statement of Income of G 3000 Trading for the month ended February 28, 20xx.

SET B Freight In Merchandise Inventory, Jan 31, 20xx Merchandise Inventory, Feb 28, 20xx Purchase Discounts Purchases Purchases Returns and Allowances 15,000.00 100,000.00 200,000.00 99,000.00 2,000,000.00 20,000.00 2,400,000.00 118,500.00 Sales Sales Discounts Sales Returns and Allowances Administrative Expenses Depreciation, Building Depreciation, FF & E 25,000.00 3,000.00 1,200.00 Interest 24,000.00 37,000.00 Miscellaneous Salaries and Benefits 57,000.00 Selling Expenses Bad Debts 4,503.00 Depreciation, Delivery Truck Freight Out Miscellaneous Salaries and Benefits 4,200.00 22,000.00 28,820.00 58,000.00 Required: From the above data, prepare the Statement of Income of G 3000 Trading for the month ended February 28, 20xx.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 10MC: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays...

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