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Use the following multi-step income statement of Ancho Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $98,000 Less: Sales returns and allowances 2,000 Net sales $96,000 _ 42,000 Cost of goods sold Gross profit Operating expenses 54,000

Use the following multi-step income statement of Ancho Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $98,000 Less: Sales returns and allowances 2,000 Net sales $96,000 _ 42,000 Cost of goods sold Gross profit Operating expenses 54,000

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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Q1: Use the following multi-step income statement of Ancho Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $98,000 Less: Sales returns and allowances 2,000 Net sales $96,000 Cost of goods sold Gross profit Operating expenses 42,000 54,000 14,000 Income from operations Other revenues and gains 40,000 Interest revenue 1,000 Other expenses and losses Loss on sale of equipment 500 Net income $40,500
Transcribed Image Text:Q1: Use the following multi-step income statement of Ancho Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $98,000 Less: Sales returns and allowances 2,000 Net sales $96,000 Cost of goods sold Gross profit Operating expenses 42,000 54,000 14,000 Income from operations Other revenues and gains 40,000 Interest revenue 1,000 Other expenses and losses Loss on sale of equipment 500 Net income $40,500
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