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    ladykillers's Avatar
    ladykillers Posts: 1, Reputation: 1
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    #1

    Nov 2, 2010, 04:52 PM
    Multiple step income statement
    Net sales 1300000
    Cost of good sold 780000
    Selling expenses 65000
    Administrative expenses 48000
    Dividend revenue 20000
    Interest revenue 1000
    Write-off inventory due to obsolescence 80000
    Depreciation expense omitted by accident in 2006 55000
    Casually loss (extraordinary item ) before taxes 50000
    Cash dividends declared 45000
    Retained earnings at December 31 ,2006 effecting tax rate of 34% on all items 980000
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 2, 2010, 05:29 PM

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