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Problem 2-13 Building an Income Statement During the year, the Senbet Discount Tire Company had gross sales of $1.21 million. The firm's cost of goods
Problem 2-13 Building an Income Statement
During the year, the Senbet Discount Tire Company had gross sales of $1.21 million. The firm's cost of goods sold and selling expenses were $444,000 and $218,000, respectively. Senbet also had notes payable of $700,000. These notes carried an interest rate of 9 percent. Depreciation was $104,000. Senbet
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