Multiple-Step Income Statement - Pele Company
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In its income statement for the year ended December 31, 2008, Pele Company reported the following condensed data.
Administrative expenses $437,800 Selling expenses $492,300
Cost of goods sold 1,294,000 Loss on sale of equipment 10,400
Interest expense 71,400 Net sales 2,313,000
Interest revenue 31,400
Instructions
(a) Prepare a multiple-step income statement. (List multiple entries in descending order of amount).
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Solution Summary
In this solution the author completes a multi-step income statements for Pele Company. The solution is provided in a Microsoft Excel document. The author includes calculations to aid you in understanding the values presented in the document (please see cell value in document).
Solution Preview
See the attached file.
Net sales 2313000
Less Cost of goods Sold 1294000
Gross ...
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