18. Based on the following account information, prepare a multi step statement of income. Cash: $50,000 Prepaid
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18. Based on the following account information, prepare a multi step statement of income.
Cash: $50,000
Prepaid expenses: $5,000
Accounts receivable: $70,000
Bad debt expense: $1,000
General and administrative expenses: $10,000
Net Sales: $900,000
Direct materials and direct labor expenses: $300,000
Selling and marketing expenses: $150,000
Income tax expense: $180,000
Interest income: $5,000
Interest receivable: $5,000
Retained earnings: $80,000
Accumulated depreciation: $5,000
Depreciation expense: $1,000
Related Book For
Posted Date: