Accounting for Merchandising Operations

At the end of Donaldson Department Store's fiscal year on November 30, 2019, these accounts appeared in its adjusted trial balance.
Additional Facts:
  1. Merchandise inventory on November 30, 2019, is $52,600.
  2. Donaldson Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended November 30, 2019

Solution

Donaldson Department Store
Income Statement
For the Year Ended November 30, 2019
 
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