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The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2 . The company uses the periodic
The following account titles and balances were taken from the adjusted trial balance of King Company for Year The company uses the periodic inventory system.
Account Title Balance
Sales returns and allowances $
Miscellaneous expense
Transportationout
Sales
Advertising expense
Salaries expense
Transportationin
Purchases
Interest expense
Merchandise inventory, January
Rent expense
Merchandise inventory, December
Purchase returns and allowances
Loss on sale of land
Utilities expense
Required:
Prepare a schedule to determine the amount of cost of goods sold.
Prepare a multistep income statement.
Prepare a singlestep income statement.
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