Question: After posting the transactions from Part A, you should have the following account balances. Use this information to prepare either a multiple step income statement
After posting the transactions from Part A, you should have the following account balances. Use this information to prepare either a multiple step income statement or a contribution format income statement.
| Account Name | Debit | Credit |
|---|---|---|
| Raw Materials | $33,400 | |
| Cash | $133,100 | |
| Work in Process | $391,800 | |
| Salaries Expense | $47,000 | |
| Rent Expense | $5,100 | |
| Advertising Expense | $12,000 | |
| Sales Commissions Expense | $26,000 | |
| Accumulated Depreciation | $21,000 | |
| Depreciation Expense | $5,000 | |
| Cost of Goods Sold | $203,600 | |
| Sales Revenue | $519,000 |
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