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    Multi-step income statements

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    The following information is available for Partin Company:

    Sales $598,000

    Sales Returns and Allowances 20,000

    Cost of Goods Sold 398,000

    Selling Expense 69,000

    Administrative Expense 25,000

    Interest Expense 19,000

    Interest Revenue 20,000

    Instructions

    1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.

    2. Compute the profit margin ratio and return on assets ratio. Partin Company's assets at the beginning of the year were $770,000 and were $830,000 at the end of the year

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    https://brainmass.com/business/income-statement/multi-step-income-statements-272559

    Solution Preview

    1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.
    In $
    Sales 598000
    Less Sales Returns ...

    Solution Summary

    Response provides steps to compute multi-step income statements

    $2.19

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