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The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is u Sales $640,363 Merchandise

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The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is u Sales $640,363 Merchandise Inventory 582,620 Sales Discounts 58,000 Interest Expense 3,977 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,010 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101.440 Office Supplies Expense 1,600 Rent Revenue 23,630 Sales Salaries Expense 30,410 Accounts Payable 137,404 Common Stock 59,419 Marketing Expense 32,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries Simple Income Statement For Year Ended December 31, 2019 Revenues: 000 Total Revenues Expenses: Total Expenses C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019. Reese Industries Multi-step Income Statement For Year Ended December 31, 2019 I OD Operating Expenses Selling Expenses Total Selling Expenses General and Administrative Expenses $ Selling Expenses Total Selling Expenses General and Administrative Expenses ( W0 W10 A Total General and Administrative Expenses Total Operating Expenses Income from Operations Other Revenue and Expenses Total Other Revenue and Expenses

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