Using the following information, prepare a multiple-step income statement. Cost of goods sold . . . .
Question:
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100
Selling and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Extraordinary gain (net of income taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700
Retained earnings (beginning) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Income tax expense (on continuing operations) . . . . . . . . . . . . . . . . . . . . . . . 1,200
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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