Question
Rudolf Company had the following selected balances in its adjusted trial balance at December 31 Accumulated Depreciation - Equipment Allowance for Doubtful Accounts Debit Credit
Rudolf Company had the following selected balances in its adjusted trial balance at December 31 Accumulated Depreciation - Equipment Allowance for Doubtful Accounts Debit Credit $ 70,000 15,000 Cash Dividends 10,000 Cost of Goods Sold 225,000 Depreciation expense 30,000 Gain on sale of assets from discontinued operations 18,000 Gain on sale of equipment 5,000 General and Administrative expenses 70,000 Interest expense 6,000 Operating loss from discontinued operations 50,000 Prepaid expenses 14,000 Retained Earnings 155,000 Sales 400,000 Sales Discounts 10,000 Rudolf Company prepares its financial statements once a year at its December 31 year-end. Prepare a Multi-Step Income Statement for Rudolf Company using the above adjusted trial balance Assume income tax is 25%
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