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In April, Holderness Inc, a merchandising company, had sales of $316,000, selling expenses of $23,500,...

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Accounting

In April, Holderness Inc, a merchandising company, had sales of $316,000, selling expenses of $23,500, and administrative expenses of $34,500. The cost of merchandise purchased during the month was $174,000. The beginning balance in the merchandise inventory account was $43,500 and the ending balance was $57,500.

Required:

Prepare a traditional format income statement for April.

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