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Multiple Step Income Statement for Company B

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Use the appropriate information from the data below to prepare a multiple step income statement for Company B for the year ended Dec 31,2002. Assume an income tax rate of 30%.

Cost of goods Sold 84,000
General and administrative expense 20,000
Net cash provided by financing activities 69,000
Dividends paid 16,000
Extraordinary loss from a flood, net of tax 55,000
Other selling expenses 14,000
Net sales 228,000
Interest expense 10,000
Accounts receivable 33,000.

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Solution Summary

In the attached Excel worksheet, the multiple step income statement for Company B is presented in good form.

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Please see the attached file.

Company B
Multiple Step Income Statement

Sales 228,000.00
Cost of goods sold 84,000.00
Gross profit 144,000.00

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