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Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31. Sales revenue Cost of goods sold
Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31. Sales revenue Cost of goods sold $1,760,000 1,100,000 Selling and administrative expenses 330,000 Interest expense Gain on sale of short-term investments 11,000 19,360 Prepare a multiple-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Atlanta Corp. Income Statement For the Year Ended December 31 Operating expenses Other revenues (expenses) $ $
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