The following account information appeared on Ucore Sales? adjusted trial balance as of December 31, 2020. The

Question:

The following account information appeared on Ucore Sales? adjusted trial balance as of December 31, 2020. The accounts are listed in alphabetical order.

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Required

1. Prepare a classified multiple-step income statement for Ucore Sales, like Exhibit 5.13.

2. Prepare a single-step income statement, like Exhibit 5.15.

Analysis Component: The gross profit ratio for Ucore Sales? year ended December 31, 2019, was 28%. Calculate this ratio for the year ended December 31, 2020, and compare it to the prior year, commenting on whether the change was favourable or unfavourable (round to two decimal places).

Exhibition 5.13

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Exhibition 5.15

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Related Book For  answer-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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