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Using the Adjusted Trial Balance Below, prepare (in good form) a Multi Step Income Statement. Step BUY Step Adjusted TB For the year ending Dec
Using the Adjusted Trial Balance Below, prepare (in good form) a Multi Step Income Statement. Step BUY Step Adjusted TB For the year ending Dec 31, 2022 Account DR CR Cash 125 Accounts Receivable 13 15 Inventory Prepaid Expenses Accrued Liabilities 20 33 50 12 Loan Payable Common Stock Retained Earnings Dividends 13 8 Sales 1,250 Sales Discounts un 5 Sales Returns & Allow 7 Cost of Goods Sold 500 350 G&A Expenses Selling Expenses 275 Income tax expense 22 Interest expense 18 350 G&A Expenses Selling Expenses 275 Income tax expense 22 Interest expense 18 TOTAL DR & CR $1358 $1358 Include the income stmt on your PDF upload. You may enter your result for Net Income below for preliminary grading. NOTE: points will be deducted if the format is incorrect, even if net income is properly calculated 2 Question 10 Gross Profit % What is the GP% based on the income statement for Step BUY Step
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