Prepare partial multiple-step income statement

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Question - Presented below is information for Oakley Company for the month of December 31, 2019.

Beginning Inventory 200,000

Ending Inventory 189,000

Freight in 12,000

Freight-out 7,500

Insurance expense 5,000

Interest Expense 4,000

Interest Revenue 6,500

Purchase discounts 18,000

Purchase return and allowances 25,000

Purchase 274,000

Rent expense 36,000

Salaries and wages expense 75,000

Sales discounts 8,800

Sales returns and allowances 11,000

Sales revenue 425,000

Instructions -

(a) Prepare partial multiple-step income statement through gross profit.

(b) Optional - Bonus complete the multiple-step income statement.

Reference no: EM132862097

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