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Prepare a partial multiple-step income statement

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Question - The following is a partial Adjusted Trial Balance for Alpha Company for the month:

Alpha Company

Adjusted Trial Balance (partial)

January 31, 2016

Accounts

Debit

Credit

Inventory

$2,750

 

Sales

 

$11,500

Sales Discounts

200

 

Sales Returns & Allowances

1,200

 

Purchases

4,000

 

Purchases Discounts

 

150

Purchase Returns & Allowances

 

450

Freight In

50

 

Advertising Expense

150

 

Depreciation Expense

130

 

Freight Out

70

 

Income Tax Expense

500

 

Salaries Expense

550

 

Utilities Expense

100

 

Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement. Prepare a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.

Reference no: EM131693623

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