Chapter 7 Inventory: Merchandising Transactions 288 AP-22A LO 5 A Bit of Fit operates several...
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Chapter 7 Inventory: Merchandising Transactions 288 AP-22A LO 5 A Bit of Fit operates several retail stores that specialize in products for a healthy lifestyle. Some of its financial information is shown below for its fiscal year ended December 31, 2018. Cost of Goods Sold $60,000 Depreciation ExpenseStore Equipment 10,000 Gain on Sale of Equipment 3,000 Interest Expense 500 Insurance Expense 7,000 Office Salaries Expense 10,000 Sales Discounts 2,500 Sales Returns & Allowances 6,500 Sales Revenue 154,000 Sales Salaries Expense 40,000 Office Supplies Expense 2,000 Utilities ExpenseRetail Space 6,750 Utilities ExpenseOffice Space 2,250
Create a multiple-step income statement for A Bit of Fit.
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