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    vnalezny's Avatar
    vnalezny Posts: 4, Reputation: 1
    New Member

    Feb 20, 2006, 12:23 PM
    Partial income statement
    I have a quick question:

    When preparing a partial income statement for the given company showing the calculation of net sales and cost of goods sold, do all of the following go into it?

    Inventory 2,841,300
    Purchase discounts 376,800
    Purchase Returns and allowances 1,322,000
    Purchases 26,445,700
    Sales Revenue 44,895,000
    Sales Discounts 494,000
    Sales returns and allowances 3,591,600
    Transportation-in 742,400

    If so, where would the transportation-in fall into it?


    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Feb 20, 2006, 08:40 PM
    Yes. All of the above accounts would go into the partial income statement.

    In regards to the transportation-in account, that would be a part of the calculation of total purchases.

    Net Purchases = Purchases - Purchase discounts - Purchase Returns and allowances + Transportation-in

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