does anyone know what the columns are supposed to be labeled? Klein Merchandisin

Question

does anyone know what the columns are supposed to be labeled?

Klein Merchandising Income Statement For the Period Ending 12/31/20xx Sales Sales Returns and Allowances Sales Discounts Net Sales Less: Cost of Goods Sold Merchandise Inventory 1/1/20x) Plus: Purchases Freight-In Minus: Purchases Returns and Allowances Purchases Discounts Goods Available for Sale Minus: Merchandise Inventory 12/31/20xX Cost of Goods Sold Gross Profit -Minus: Operating Expense Selling & Administrative Expense Salaries Expense Supplies Expense Utilities Expense Insurance Expense Depreciation Expense, Equipment Rent Expense Freight-Out Total Operating Expense Net Income

Explanation / Answer

If the data provided is of multiple years for comparison, then it'll be period-wise, otherwise it'll just be named as amounts - first 3 columns for internal calculation, last one to represent total calculation.

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