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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data.
Operating expenses
|
$ 710,000 |
Interest revenue
|
$ 23,000 | |||
---|---|---|---|---|---|---|
Cost of goods sold
|
1,246,000 |
Loss on disposal of plant assets
|
7,000 | |||
Interest expense
|
60,000 |
Net sales
|
2,190,000 | |||
Income tax expense
|
35,000 |
Other comprehensive income (net of $1,200 tax)
|
7,300 |
(a)
Prepare a multiple-step income statement.
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