Question: Prepare a multi-step income statement for Surry Co beginning with the following data year ending December 31, 2016. Sales, $915,000 Cost of goods sold $670,000

Prepare a multi-step income statement for Surry Co beginning with the following data year ending December 31, 2016.

Sales, $915,000
Cost of goods sold $670,000
Administrative expense $30,000
Interest expense $12,000
Rental income $19,000
Return sales and discounts $55,000
Selling expenses $120,000

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