Grubman Inc. had the following account balances as of 12/31/2012. Prepare a multi-step income statement: CFO salary
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Question:
Grubman Inc. had the following account balances as of 12/31/2012. Prepare a multi-step income statement:
CFO salary $4,900
Sales Returns $12,000
Depreciation on office furniture and equipment $3,960
Cost of Goods Sold $63,570
Depreciation on Sales Equipment $500
Insurance Expense $800
Dividend Revenue $1250
Loss from hurricane damage $2,400
Gain on sale of Equipment $4,500
Interest Revenue $17,230
Frieight Out $2,960
Sales commissions $7,980
Sales Revenue $330,000
Loss from disposal of Division X from the company $10,000
Advertising expense $5,000
Loss from operations of Division X $15,000
Grubman has a 30% tax rate.
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