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ART II. Choles clothing and prepares monthly store employs the periodic inventory system for financial statements. All have been adjusted except 2002 A accounts on November 20, indicates that was of partial listing of account balances follows: on hand. A Accounts receivable Merchandise inventory, November 9,000 Commissions 1 30.000 Freight-in expense 600 32K 2,000 Purchase returns & allowances 3,500 Sales discounts 1,800 Purchases 48,000 Sales 75,000 Instructions: Prepare a partial income statement for Choles clothing store for the month ended November 30, 2002. The income statement should show items through gross profit.
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