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The following is a partial Adjusted Trial Balance for Alpha Company for the month:
The following is a partial Adjusted Trial Balance for Alpha Company for the month:
Alpha Company
Adjusted Trial Balance (partial)
January 31, 2016
Accounts
Debit
Credit
Inventory
$2,750
Sales
$10,000
Sales Discounts
200
Sales Returns & Allowances
1,200
Purchases
4,000
Purchases Discounts
150
Purchase Returns & Allowances
450
Freight In
50
Advertising Expense
150
Depreciation Expense
130
Freight Out
70
Income Tax Expense
500
Salaries Expense
500
Utilities Expense
100
Additionally, Inventory for December 31, 2015 was $2,500. Submit a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.
