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Make a multiple-step income statement for the year

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Reference no: EM132623815

Question - Presented below is information related to Fulton Inc.

Retained earnings, December 31, 2018 $650,000

Sales 1,400,000

Selling and administrative expenses 240,000

Cash dividends declared on common shares 33,600

Cost of goods sold 820,000

Other revenue 60,000

Other expenses 50,000

Instructions - In good form, make a multiple-step income statement for the year 2019. Assume a 20% tax rate and that 50,000 common shares were outstanding during the year. Fulton is a private corporation following ASPE.

Reference no: EM132623815

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