FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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please answer the attached question 

 

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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
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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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