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Assignment 3 The following information is taken from the records...

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Accounting

Assignment 3
The following information is taken from the records of Prabhjot Prince Inc. at June 30,2022, its
fiscal yearend:
Advertising expense $1,100
Commissions expense 3,000
Delivery expense 1,500
Insurance expense 1,000
Opening inventory 6,000
Purchases 37,000
Purchase returns and allowances 3,100
Rent expense 2,900
Salaries expense 4,000
Sales (gross)79,000
Sales returns and allowances 1,000
Transportationin 2,300
The merchandise inventory at June 30,2019 amounted to $8,000.
Required:
1. Prepare a classified income statement. Assume all expenses not related to cost of goods sold
are selling expenses.
2. Compute gross profit percentage.

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