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The following account balances are taken from Ballistik Ltd . ' s adjusted trial balance at Janua 3 1 , 2 0 2 0 :
The following account balances are taken from Ballistik Ltds adjusted trial balance at Janua:
tableDebit,CreditSales revenue,$Wages expense,Cost of goods sold,tableGeneral andadministrative expensesUtilities expenses,Depreciation expense,Interest expense,,Interest revenue,Income tax expense,Advertising expense,Selling expenses,,
Required
a Prepare a singlestep statement of income for the year ended January
b Prepare a multistep statement of income for the year ended January
c Compare the two statements and comment on the usefulness of each one.
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