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In the first year of business, Decorative Stones, Inc. had $ 4 5 2 , 7 0 0 in gross sales, with returns of $
In the first year of business, Decorative Stones, Inc. had $ in gross sales, with returns of $ Inventory at the beginning of the year was $ with a cost of goods purchased of $ and freight of $ Inventory at the end of the year was $ Expenses were as follows: salaries $; rent $; advertising $; utilities $; taxes on inventory and payroll $; and miscellaneous expenses $ The company paid no income taxes because of a slight loss in the first year. Complete an income statement using the following steps.
In the first year of business, Decorative Stones, Inc. had $ in gross sales, with returns of $
Inventory at the beginning of the year was $ with a cost of goods
purchased of $ and freight of $
Inventory at the end of the year was $
Expenses were as follows: salaries $; rent $; advertising $; utilities $; taxes on inventory and payroll $; and miscellaneous expenses $
The company paid no income taxes because of a slight loss in the first year.
Complete an income statement using the following steps.
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