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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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 12:34 AM

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A company has the following data: net sales, $202,500; cost of goods sold, $110,000; selling expenses, $45,000;

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