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Question - Multiple-Step and Single-Step Income Statements - The following items were derived from Gold Company's December 31 adjusted trial balance:
Cost of goods sold $101,000
Sales 195,000
General and administrative expenses 20,000
Loss from strike (pretax) 9,000
Selling expenses 28,000
Interest revenue 4,000
Additional data:
1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.
Required -
1. Prepare a multiple-step income statement.
2. Prepare a single-step income statement.
3. Next Level Discuss how Gold Company's income statement in Requirement 1 might be different if it used IFRS.
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