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Create a multiple step income statement for xltra inc

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Reference no: EM132822066

Xltra Inc. had the following account balances at December 31, 2021

Deferred revenue $8,960
Travel and entertainment expense 11,340
Cash received from debt 18,500
Sales revenue 412,860
Repairs and maintenance expense 15,655
Insurance expense 9,400
Advertising expense 48,265
Dividends, paid in cash 15,500
Office supplies expense 6,775
Prepaid expenses 12,565
Sales discounts 22,540
Rent expense 11,000
Payments to suppliers on account 67,844
Income tax expense 33,750
Contributions by owners 24,750
Cost of goods sold 165,000
Collections from customers 69,532
Freight expense 10,065
Sales returns and allowances 15,320

Problem 1: Create a multiple step income statement

Reference no: EM132822066

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