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1 . Prepare a multiple - step income statement for the year - ended October 3 1 that begins with gross sales and includes separate

1. Prepare a multiple-step income statement for the year-ended October 31 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses 2. Compute the current ratio, acid-test ratio and gross margin ratio as of October 1(round ratios to two decimals)
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