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Problem 4: Prepare a multiple step income statement in good form using the information below for Baker Wholesalers Company for the month ended 10/31/2020. You
Problem 4: Prepare a multiple step income statement in good form using the information below for Baker Wholesalers Company for the month ended 10/31/2020. You might not use all of the information below; not every balance on the company's trial balance has been provided. The tax rate is 10%. Cash $500,000 Cost of Goods Sold $2,500,000 Salaries Expense $200,000 Sales Revenue $5,000,000 Wages Expense Admin Expenses $350,000 $600,000 Gain on Sale of Loss (net of tax) Stock Investments on Discontinued $90,000 Operations $1,225,000 Accounts Payable Mortgages $750,000 Payable $4,000,000 Gain on disposal Maintenance of Discontinued Expenses Operations (net of $500,000 tax) $400,000 Mortgage Interest Loss on sale of Expense warehouse $200,000 $140,000 Investments on Interest Income Stock $35,000 $850,000 Buildings $3,000,000 Accounts Receivable $800,000 Vehicles $410,000 Prepaid Assets $360,000
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