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Posted: June 27th, 2024
Accounting Institute Seminar ACC accounting Use the information from the following single-step income statement
Use the information from the following single-step income statement to prepare a multistep income statement in proper form.Midway IndustriesIncome StatementFor the Year Ended December 31, 20x5RevenuesNet sales$10,000Interest income 300Total revenues $10,300Costs and expensesCosts of goods sold$ 5,000Selling expenses3,000General and administrative expenses1,800Interest expense 800Total costs and expense 10,600Net income (loss) ($ 300)
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