Question: Using the following information, prepare a multiple-step income statement. Cost of goods sold . . . . . . . . . . . .

Using the following information, prepare a multiple-step income statement.
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900
Selling and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000
Accrued wages payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500
Retained earnings (beginning) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000

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