The following pretax amounts were obtained from the financial records of Wayne Company for 2018: Retained...

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The following pretax amounts were obtained from the financial records of Wayne Company for 2018: Retained earnings (1/1/18) Sales revenues Rent revenue Cost of goods sold Selling and administrative expenses Depreciation expense Loss on change in accounting principal Loss on sale of plant assets Dividends declared Debit Credit 847,000 1,500,000 380,000 475,000 259,000 250,000 202,000 105,000 460,000 The company's tax rate is 35 percent Required: Use the above information to prepare a complete, detailed income statement using the multistep format The following pretax amounts were obtained from the financial records of Wayne Company for 2018: Retained earnings (1/1/18) Sales revenues Rent revenue Cost of goods sold Selling and administrative expenses Depreciation expense Loss on change in accounting principal Loss on sale of plant assets Dividends declared Debit Credit 847,000 1,500,000 380,000 475,000 259,000 250,000 202,000 105,000 460,000 The company's tax rate is 35 percent Required: Use the above information to prepare a complete, detailed income statement using the multistep format

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income statement of martin company Sales revenue 1500000 Less Cost of goods sold 475000 Gr... View the full answer