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PROBLEM 3 (9 POINTS) Use the below account balances from ABC Corporation's ledger at December 31, 2023 to prepare a multiple-step income statement (3 points);
PROBLEM 3 (9 POINTS) Use the below account balances from ABC Corporation's ledger at December 31, 2023 to prepare a multiple-step income statement (3 points); a statement of shareholders' equity (2 points); and a classified balance sheet (4 points) in good form. Accounts Payable Accounts Receivable Accumulated Depreciation Building & Equipment Cash Contributed Capital Cost of Goods Sold Dividends Declared Depreciation Expense Income Tax Expense Inventory Land Mortgage Payable (LT) Other Operating Expenses Prepaid Expenses Retained Earnings, 1/01/23 Salaries Expense Salaries Payable Sales Revenue Unearned Revenue 3,200 8,000 1,600 6,400 1,920 4,096 14,400 1,120 1,200 1,760 5,120 1,920 4,480 880 160 3,840 960 64 24,000 2,560
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