The following selected accounts from the Metlock, Inc's general ledger are presented below for the year...

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The following selected accounts from the Metlock, Inc's general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 50,000 Interest revenue $ 28,000 Common stock 245,000 Inventory 62,000 Cost of goods sold 1,080,000 Rent revenue 24,000 Depreciation expense 120,000 Retained earnings 530,000 Dividends 145,000 Salaries and wages expense 670,000 Freight-out 20,000 Sales discounts 8,500 Income tax expense 65,000 Sales returns and allowances 39,000 Insurance expense 15,000 Sales revenue 2,395,000 Interest expense 65,000 Prepare a multiple-step income statement. Prepare a multiple-step income statement. Metlock, Inc. Income Statement For the Year Ended December 31, 2022 Sales Revenue 2395000 Less v Sales Returns and Allowances 39000 Sales Discounts 8500 47500 Net Sales 2347500 Freight-Out 20000 Sales 2327500 Operating Expenses Advertising Expense 50000 Depreciation Expense 120000 Insurance Expense 15000 Salaries and Wages Expense 670000 Interest Expense 45000 Total Operating Expenses 920000 Income From Operations 1407500 Other Revenues and Galns Interest Revenue 28000 Rent Revenue 24000 52000 The following selected accounts from the Metlock, Inc's general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 50,000 Interest revenue $ 28,000 Common stock 245,000 Inventory 62,000 Cost of goods sold 1,080,000 Rent revenue 24,000 Depreciation expense 120,000 Retained earnings 530,000 Dividends 145,000 Salaries and wages expense 670,000 Freight-out 20,000 Sales discounts 8,500 Income tax expense 65,000 Sales returns and allowances 39,000 Insurance expense 15,000 Sales revenue 2,395,000 Interest expense 65,000 Prepare a multiple-step income statement. Prepare a multiple-step income statement. Metlock, Inc. Income Statement For the Year Ended December 31, 2022 Sales Revenue 2395000 Less v Sales Returns and Allowances 39000 Sales Discounts 8500 47500 Net Sales 2347500 Freight-Out 20000 Sales 2327500 Operating Expenses Advertising Expense 50000 Depreciation Expense 120000 Insurance Expense 15000 Salaries and Wages Expense 670000 Interest Expense 45000 Total Operating Expenses 920000 Income From Operations 1407500 Other Revenues and Galns Interest Revenue 28000 Rent Revenue 24000 52000

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Metlock Inc Multiple Step Income statement For the Year Ended Dece... View the full answer