Question

The following data pertain to a Kellman Corporation: net sales, $405,000; cost of goods sold, $220,000; selling expenses, $90,000; general and administrative expenses, $60,000; income taxes, $7,500; interest expense, $4,000; interest income, $3,000; and common stock outstanding, 25,000 shares.
1. Prepare a single-step income statement.
2. Prepare a multistep income statement.



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  • CreatedSeptember 10, 2014
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