Question: The following data for the current year ended June 30 were extracted from the accounting records of Excel Co.: Cost of merchandise sold $195,000 Operating

The following data for the current year ended June 30 were extracted from the accounting records of Excel Co.:

Cost of merchandise sold $195,000

Operating expenses $65,000

sales $548,000

Prepare a multiple-step income statement for the year ended June 30, 2011.

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