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MERCHANDISING INCOME STATEMENT PREPARATION are some selected accounts pertaining to the Lucy Lee Company for...

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Accounting

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MERCHANDISING INCOME STATEMENT PREPARATION are some selected accounts pertaining to the Lucy Lee Company for the year ended 12-31-2014. Cash Accounts Payable Merchandise Inventory, 1-1-14 Merchandise Inventory, 12-31-14 30,000 15,000 50,000 Transportation-In Transportation-Out Purchase Returns and Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts Dividends 5.000 10,000 15,000 7000 25,000 2,000 47,000 20,000 Administrative Expenses Retained Earnings, 1-1-14 REQUIRED: Prepare in good form a multiple step Income Statement and Statement of Retained Earnings for the Lucy Lee Company for the year ended 12-31-2014 Cost of Goods Sold (COGS) Com Which accounts above will not affect the Income Statement

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