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Richmond Supply Ltd. is a merchandising company that sells art supplies. The company reported the following income and expenses for the year ending December 31,
Richmond Supply Ltd. is a merchandising company that sells art supplies. The company reported the following income and expenses for the year ending December 31, 2023: Sales 400,000 Cost of goods sold 240,000 Selling expenses (variable) 20,000 Selling expenses (fixed) 60,000 Administrative expenses (fixed) 35,000
Prepare an income statement using the contribution approach.
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