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Using the adjusted trial balance below, prepare in good form a multi step income statement. Include what the net income would be and the gp%

Using the adjusted trial balance below, prepare in good form a multi step income statement. Include what the net income would be and the gp%

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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Using the adjusted trial balance below, prepare in good form a multi step income statement. Include what the net income would be and the gp%
Step BUY Step Adjusted TB For the year ending Dec 31, 2022 Account DR CR Cash 125 Accounts Receivable 13 Inventory 15 Prepaid Expenses 20 Accrued Liabilities 33 Loan Payable 50 Common Stock 12 Retained Earnings 13 Dividends 8 Sales 1,250 Sales Discounts 5 Sales Returns & Allow Cost of Goods Sold 500 G&A Expenses 350 Selling Expenses 275 Income tax expense 22 Interest expense 18 TOTAL DR & CR $1358 $1358 MacBook Pro
Transcribed Image Text:Step BUY Step Adjusted TB For the year ending Dec 31, 2022 Account DR CR Cash 125 Accounts Receivable 13 Inventory 15 Prepaid Expenses 20 Accrued Liabilities 33 Loan Payable 50 Common Stock 12 Retained Earnings 13 Dividends 8 Sales 1,250 Sales Discounts 5 Sales Returns & Allow Cost of Goods Sold 500 G&A Expenses 350 Selling Expenses 275 Income tax expense 22 Interest expense 18 TOTAL DR & CR $1358 $1358 MacBook Pro
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