A company has the following data: net sales, $202,500; cost of goods sold, $110,000; selling expenses, $45,000;
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A company has the following data: net sales, $202,500; cost of goods sold, $110,000; selling expenses, $45,000; general and administrative expense, $30,000; interest expense, $2,000; and interest income, $1,500.
1. Prepare a single-step income statement.
2. Prepare a multistep income statement.
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