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After posting the transactions from Part A, you should have the following account balances. Use this information to prepare either a multiple step income statement
After posting the transactions from Part A, you should have the following account balances. Use this information to prepare either a multiple step income statement or a contribution format income statement.
Account Name | Debit | Credit |
---|---|---|
Raw Materials | $33,400 | |
Cash | $133,100 | |
Work in Process | $391,800 | |
Salaries Expense | $47,000 | |
Rent Expense | $5,100 | |
Advertising Expense | $12,000 | |
Sales Commissions Expense | $26,000 | |
Accumulated Depreciation | $21,000 | |
Depreciation Expense | $5,000 | |
Cost of Goods Sold | $203,600 | |
Sales Revenue | $519,000 |
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