Northern Lights Corporation supplies you with the following information applicable to the current year, December 31, 2016.
|
Transportation-in |
$ 3,000 |
|
Delivery expense |
2,000 |
|
Sales |
100,000 |
|
Merchandize inventory (Jan. 1) |
12,000 |
|
Merchandize inventory (Dec. 31) |
15,000 |
|
Purchases |
70,000 |
|
Office supplies expense |
7,000 |
|
Purchase discounts |
4,000 |
|
Purchase returns and allowances |
6,000 |
|
Sales returns and allowances |
10,000 |
|
Unused supplies |
5,000 |
Required:
- Prepare in proper form a classified, partial income statement ncluding sales, cost of goods sold, and gross profit.
- Prepare closing entries.
- What is net income for the year?
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