Q 2) The list of accounts of Guardian Company contained the following information Accounts Amount $ Sales 750,000 Sales Returns and Allowances 20,000 Rent Expense 5,000 Purchases 600,000 Sales Discounts 7,000 Purchase Returns and Allowances 25,000 Cost of Goods Sold Interest Revenue 15,000 Sales commission 15,000 Purchase Discounts 11,000 Interest Expense 10,000 Freight out 2,000 Store Salaries Expense 50,000 Freight in 19,000 Utilities Expense 28,000 Depreciation Expense 7,000 Dividend revenue 5,000 Beginning inventory 45,000 Rent Revenue 10,000 Ending inventory 55,000 Lawsuit defrayal expense 8000 Accumulated depreciation 15000 Instruction Use the above information to prepare a multiple step income statement for the year ended December 31, 2019 (Show the calculation of COGS) (20 marks)

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Q 2) The list of accounts of Guardian Company contained the following information  Accounts Amount $ Sales 750,000 Sales Returns and Allowances 20,000 Rent Expense 5,000 Purchases 600,000 Sales Discounts 7,000 Purchase Returns and Allowances 25,000 Cost of Goods Sold   Interest Revenue 15,000 Sales commission 15,000 Purchase Discounts 11,000 Interest Expense 10,000 Freight out 2,000 Store Salaries Expense 50,000 Freight in 19,000 Utilities Expense 28,000 Depreciation Expense 7,000 Dividend revenue 5,000 Beginning inventory 45,000 Rent Revenue 10,000 Ending inventory 55,000 Lawsuit defrayal expense 8000 Accumulated depreciation 15000 Instruction  Use the above information to prepare a multiple step income statement for the year ended December 31, 2019  (Show the calculation of COGS) (20 marks)

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Q-2) The list of accounts of Guardian Company contained the following information: Accounts Amount $ Sales 750,000 Sales Returns and Allowances 20,000 Rent Expense 5,000

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Accounts	Amount $
Sales	750,000
Sales Returns and Allowances	20,000
Rent Expense	5,000
Purchases	600,000
Sales Discounts	7,000
Purchase Returns and Allowances	25,000
Cost of Goods Sold	?
Interest Revenue	15,000
Sales commission	15,000
Purchase Discounts	11,000
Interest Expense	10,000
Freight-out	2,000
Store Salaries Expense	50,000
Freight-in	19,000
Utilities Expense	28,000
Depreciation Expense	7,000
Dividend revenue	5,000
Beginning inventory	45,000
Rent Revenue	10,000
Ending inventory	55,000
Lawsuit defrayal expense	8000
Accumulated depreciation	15000