Use the accounts listed to create a multistep income statement

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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Please see below. Use the accounts listed to create a multistep income statement.
Cash
$ 112,987
Accounts Receivable
$ 345,078
Coffee & Library Supplies
$56,234
Rent Expense
$3,550
Sales
$32,097
Accounts Payable
$10,087
Adverting Expense
$3,450
Net Income
$10,000
Gross Profit
$45,000
Cost of Goods
$55,309
Transcribed Image Text:Cash $ 112,987 Accounts Receivable $ 345,078 Coffee & Library Supplies $56,234 Rent Expense $3,550 Sales $32,097 Accounts Payable $10,087 Adverting Expense $3,450 Net Income $10,000 Gross Profit $45,000 Cost of Goods $55,309
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multistep income statement is a income statement in which we have to separately present the income from operations and separately present the non operating income and expenses

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