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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 Preview

    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

    Operating ...

    Solution Summary

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