Use the following income statement to prepare the fiscal year end
Use the following income statement to prepare the fiscal year end closing entries. ,
For the Year Ended April 30, 2010,
Sales revenues ,
Sales $100,000 ,
Less: Sales returns and allowances $1,000 ,
Net sales 99,000 ,
Cost of goods sold 50,000 ,
Gross profit 49,000 ,
Operating expenses ,
Salary expense 20,000 ,
Rent expense 7,500 ,
Insurance expense 1,000 ,
Freight-out 1,500 ,
Total operating expenses 30,000 ,
Net income $19,000 ,
Please help, I am having a really hard time with this one for some reason...Thank you
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