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    Everyday Products Inc. multi step income statement

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    Create a multi-step income statement.

    After all of the transactions for the year ended December 31, 2012, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Everyday Products Inc.

    Dec 2012
    ad exp $125,000
    COGS $3,650,000
    delivery exp $29,000
    deprec exp office $26,000
    deprec exp store $95,000
    dividend rev $3,575
    gain on sale of investment $2,225
    income from lifecare co investment $65,600
    income tax expense $128,500
    int exp $19,000
    int rev $1,800
    misc admin exp $7,500
    misc sell exp $13,750
    office rent exp $50,000
    office salaries exp $165,000
    office supplies exp $16,000
    sales $5,145,000
    sales commissions $182,000
    sales salaries exp $365,000
    store supplies exp $22,000


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    Solution Summary

    Your tutorial is attached and shows a multi-step income statement in "good form" and a subtotal for general and administrative expenses and selling expenses to assist you.