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  3. 1. calculate the five critical subtotals in the mu

1. Calculate the five critical subtotals in the multistep income statement based on...

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Accounting

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1. Calculate the five critical subtotals in the multistep income statement based on the information provided in this table: Sales Sales returns Sales discounts Cost of Goods Sold Total Operating Expenses Interest Income Interest Expense Income Tax Expense 890,000 17,800 5,000 292,000 143,000 7,000 14,000 13,000 Amount: a. Net Sales b. Gross Profit c. Income From Operations d. Income Before Taxes e. Net Income 2. Fill in the blanks. a) FIFO COGS is b) LIFO ending inventory is c) Net Income for a company using FIFO will be (greater or less than) LIFO COGS (greater or less than) FIFO ending inventory greater or less than) a company that uses LIFO If COGS is overstated: (Fill in with overstated or understated): d) Ending inventory is e) Net Income is f) Ending Retained Earnings are g) Stockholder's Equity is h)Assets are

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