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    Income Statement

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    Given the following information, prepare an income statement for year ended December 31.

    Stockholder's equity 500
    Accounts payable 150
    Cost of goods sold 55
    Accumulated depreciation 500
    General & administrative expenses 12
    Taxes 40%
    Preferred stock dividends 5
    Interest expense 5
    Sales revenue 100
    Depreciation expense 10.

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    Solution Preview

    Sales Revenue ......................100
    Less: Cost of Goods Sold........55
    Gross ...

    Solution Summary

    The solution goes into a great amount of detail regarding the income statement for year ended in December. Step-by-step explanation is provided for each part of the question which makes it very easy to follow along for anyone with just a basic understanding of the concepts. Overall, an excellent response to the question being asked.