Question: Please help me solving this problem in details. Thank you! Presented below is a list of accounts from the general ledger of First Run Office
Presented below is a list of accounts from the general ledger of First Run Office Supply. Please prepare a multiple step income statement. Assume that the company had no discontinued operations, accounting changes, or other comprehensive income and had an income tax rate of 30%. Finally assume that 100,000 shares of common stock were outstanding. Sales $275,325 Cost of Goods Sold $100,250 Interest Revenue 975 Interest Expense 9,650 Dividend Revenue 1,218 Loss on Sale of Equipment 1,650 Gain on Sale of Investments 5,500 Advertising Expense 6,200 Rent 12,000 Restructuring Costs 8,600 Amortization 1,750 Depreciation 5,000 Salaries and Wages 20,900 Selling Expenses 13,766 Property Tax 8,800 Income Tax
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