Prepare income statement, The Appully Company (a clothing retailer) for the year ending December…

March 08, 2021/

Questions

Prepare income statement, The Appully Company (a clothing retailer) for the yearending December 31, 2003 given the information below: (20 marks)Advertising expenditures 68,000Beginning inventory 256,000Depreciation78,000Ending inventory248,000Gross Sales3,210,000Interest expense64,000Lease payments52,000Management salaries 240,000Materials purchases2,425,000R&D expenditures35,000Repairs and maintenance costs 22.000Returns and allowances 48,000Taxes51,000-

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