Question: Using the following accounts, prepare a single-step income statement at year end, May 31, 2014: Cost of Goods Sold, $1,680; General Expenses, $900; Interest Expense,

Using the following accounts, prepare a single-step income statement at year end, May 31, 2014: Cost of Goods Sold, $1,680; General Expenses, $900; Interest Expense, $420; Interest Income, $180; Net Sales, $4,800; Selling Expenses, $1,110; Income tax Expense, $350.

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