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AIM CO. Casual Corners- Income Statement information for the year ending December 31, 2020.   Sales revenue                                     $ 322,500 Sales discounts                                   $    5,000 Cost of goods sold                              $  47,000 Operating expenses                             $  77,000 Other revenues and gains                    $ 12,000 Other expenses and losses                   $    4,500  Income Taxes                                     $  12,000

AIM CO. Casual Corners- Income Statement information for the year ending December 31, 2020.   Sales revenue                                     $ 322,500 Sales discounts                                   $    5,000 Cost of goods sold                              $  47,000 Operating expenses                             $  77,000 Other revenues and gains                    $ 12,000 Other expenses and losses                   $    4,500  Income Taxes                                     $  12,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I have to create a multistep income statement and I am a bit confused for this problem. Can you help please?

 

AIM CO. Casual Corners- Income Statement information for the year ending December 31, 2020.

 

Sales revenue                                     $ 322,500

Sales discounts                                   $    5,000

Cost of goods sold                              $  47,000

Operating expenses                             $  77,000

Other revenues and gains                    $ 12,000

Other expenses and losses                   $    4,500

 Income Taxes                                     $  12,000

 

 
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