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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.
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