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Make a Multi-Step Income Statement

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Question - Smith Engineering uses the periodic inventory system and has a December 31st year-end. The company began the year with inventory with a cost of $17,500. When Smith's staff counted inventory at December 31, inventory with a cost of $22,500 were on hand. The company also had the following account balances for the year (random order, all with normal balances):

Office Supplies Expense $4,700

Purchases 235,000

Sales Discounts 2,400

Advertising Expense 9,800

Interest Income 2,000

Freight In 15,800

Freight Out 12,200

Salesperson Salaries 61,500

Sales Returns and Allowances 10,200

Loss on Sale of PP&E 550

Purchase Returns and Allowances 9,800

Sales Revenue 400,000

Purchase Discounts 1,800

Management Salaries 20,000

Required - Make a Multi-Step Income Statement (to the Gross Margin line only) for the year-ended December 31, 2020?

Reference no: EM132896476

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