[speciak1958]

I need to prepare a multistep income statement using the perpetual inventory system..

Starting with a contribution of 20,000 cash in exchange for commmon stock from shareholders. The company engaged I the following transactions during the month of April. (1.April 3- Purchased merchandise on acct from Thompson supply co. for 5,000,terms 1/10, n/30 (2.April 4 Sold merchandise on acct to Brown Company for 3,500, term 2/10, n/30. The cost of the merchandise sold was $1,500.(3.April 7, Paid $100. Freight on sale to Brown Company.(4.April 8, Received pymt from Thompson Supply Co. for merchandise rtn for $500. (5.April 10, Paid Thompson Supply Co.in full (6.April 15, Received pymt from Brown Company for sale made on April 4 (7.April 16 Purchased merchandise for cash for $3,200 (8.April17, Received refund from supplier for rtn merchandise on April 16 cash purchase of $350.(9.April 19, purchased merchandise on acct Kelsey Distributors for $4,100, terms 2/10 n/30 (10.April 20 Paid $350 freight on April 19 purchase. (11. April 21, Sold merchandise for cash $12,170. The cost of the merchandise sold was $9,500 (12.April 24, Purchased merchandise for cash $5,300 (13. April 25, Paid Kelsey Distributors for purchase on April 19 (14. April 27, Gave refund of $800 to customer from April 21. The cost of the rtn merchandise was $535 (15. April 30, Sold merchandise of $2,000 on acct with the terms 2/10, n/30. The merchandise cost $1,200

[morgaine300]

First, see the homework guidelines we have:
https://www.askmehelpdesk.com/financ...-b-u-font.html

Second, you have a bunch of entries to do before you can do any statement. You cannot prepare a statement off this information.

Whole page of online textbook that goes over merchandising:
Principles of Accounting

Please make an attempt to do your homework. Someone can check it if you do, but we won't do it for you. This encompasses an entire chapter so we can't just start explaining a whole chapter on a forum. If you have questions, ask - but make them specific questions as to what thing you don't understand.