From the following data, prepare in proper form an income statement showing departmental gross profit (assume a
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From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 20% tax rate) for Instant Stop for the year ended December 31, 202X.
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Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation, Equipment Accounts Payable B. Smith, Capital B. Smith, Withdrawals Sales, Grocery Sales, Pizza Sales Returns and Allowances, Grocery Sales Returns and Allowances, Pizza COGS, Grocery COGS, Pizza Total Operating Expenses $14,000 8,000 1,600 16,000 8,700 10,200 11,000 3,100 22,000 18,000 2,100 3,000 9,000 9,800 4,000
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