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Using the selected year-end account balances at December 31, 2014, for Proof General Store that follow, prepare a 2014 multistep income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $26,000; ending merchandise inventory is $22,000.
Account name
Debit
Credit
Sales
$297,000
Sales Returns and Allowances
$ 15,200
Purchases
114,800
Purchases Returns and Allowances
4,000
Freight-In
5,600
Selling Expenses
48,500
General and Administrative Expenses
37,200
Income Tax Expense
6,800
Suppose the company paid out $34,000 in cash dividends. What is the addition to retained earnings?
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