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Make a multiple-step income statement for the year ended

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Reference no: EM132736843

Problem - The adjusted trial balance of Cochrane Company includes the following accounts:

 

Debit

Credit

Sales

 

$595,000

Sales Returns and Allowances

$47,000

 

Cost of Goods Sold

371,400

 

Salaries Expense

47,000

 

Advertising Expense

10,000

 

Rent Expense

18,000

 

Freight-out

7,000

 

Utilities Expense

12,000

 

Depreciation Expense

12,500

 

Interest Revenue

 

4,000

Loss Due to Vandalism

3,000

 

The company uses a perpetual inventory system.

Required - Make a multiple-step income statement for the year ended December 31, 2017.

Reference no: EM132736843

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