FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Based on the above trial balance, prepare the multi-step income statement and calculate the following:

DollarPlus Inc. Trial Balance 31-Dec-21 Account Titles Cash Dr. Cr. 25,230.00 Accounts Receivable Merchandise Inventory 5,000.00 2,400.00 Accounts Payable Share Capital Retained Earning 3,000.00 1,000.00 3,690.00 Sales 73,340.00 Cost of gooda sold Salaries Expense 30,000.00 4,000.00 Interest Income Interast Expanse 5,000.00 3,200.00 Income Taxes 5,200.00 Rent Expense Telephone Expense Totala 8,000.00 3,000.00 86,030.00 ৪6,030.00 Based on the above trial balance, prepare the multi-step income statement and calculate the following: Gross Profit Blank 1 Net Income from operation Blank 2 Net Income before income taxes Blank 3 Net Income Blank 4
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Transcribed Image Text:DollarPlus Inc. Trial Balance 31-Dec-21 Account Titles Cash Dr. Cr. 25,230.00 Accounts Receivable Merchandise Inventory 5,000.00 2,400.00 Accounts Payable Share Capital Retained Earning 3,000.00 1,000.00 3,690.00 Sales 73,340.00 Cost of gooda sold Salaries Expense 30,000.00 4,000.00 Interest Income Interast Expanse 5,000.00 3,200.00 Income Taxes 5,200.00 Rent Expense Telephone Expense Totala 8,000.00 3,000.00 86,030.00 ৪6,030.00 Based on the above trial balance, prepare the multi-step income statement and calculate the following: Gross Profit Blank 1 Net Income from operation Blank 2 Net Income before income taxes Blank 3 Net Income Blank 4
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