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ABC company uses the periodic inventory system to prepare its financial statements. All accounts have been adjusted except for inventory which was last adjusted November

ABC company uses the periodic inventory system to prepare its financial statements. All accounts have been adjusted except for inventory which was last adjusted November 30, 2020. A physical count of inventory on December 31, 2020, indicates that $45,000 was on hand. A partial listing of adjusted account balances follows: Accounts payable $5,250, Accounts receivable 7,000, Cash $23,000, Freight In 1,245, Income Tax expense 3,935, Inventory Dec 1 $3,350, Operating expenses $22,425, Purchases $33,500, Purchase returns and allowances $350, Sales $70,250. Prepare a multi-step income statement of income for ABC company for dec 30,2020

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