do w me obj3 - $10,000 Cost of goods sold 6,000 Gross...

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PRACTICE 4 - 6 SINGLE-STEP INCOME STATEMENT Sales $10,000 Less expenses: Cost of goods sold 6,000 Selling and administrative expense 750 Interest expense 1,100 Income before income taxes $ 2,150 Income tax expense 1,200 Net income $ 950 PRACTICE 4 - 7 MULTIPLE-STEP INCOME STATEMENT Sales
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Unformatted text preview: $10,000 Cost of goods sold 6,000 Gross profit $ 4,000 Operating expenses: Selling and administrative expense 750 Operating income $ 3,250 Interest expense 1,100 Income before income taxes $ 2,150 Income tax expense 1,200 Net income $ 950...
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This note was uploaded on 06/04/2008 for the course HIST cis 101 taught by Professor Davison during the Spring '08 term at The School of the Art Institute of Chicago.

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