Reference no: EM133130979
Question - Can you prepare a multiple step income statement for Medlink Company for the year ended December 31, 2020, using the following accounts.
Interest Expense $18,900.00
Loss on sale of building $13,000.00
Beginning Inventory $458,000.00
Depreciation Expense $45,000.00
Ending Inventory 368,000.00
Freight out 29,500.00
Freight-In 19,000.00
Gain on sale of equipment 19,300.00
Income taxes 24%
Insurance Expense 85,600.00
Interest Revenue 28,000.00
Property Tax Expense 15,900.00
Purchase Discounts 15,000.00
Purchases 698,000.00
Purchases Return and Allowances 45,000.00
Rent Expense 24,000.00
Salaries and Wages Expense 150,000.00
Sales 17,500,000.00
Sales Commission Expense 12,500.00
Sales Discounts 54,000.00
Sales Return and Allowances 965,000.00
Utilities Expense 85,600.00
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