Income statement information for Blue Spruce Tire Repair Corporation for the year 2017 follows: General...
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Accounting
Income statement information for Blue Spruce Tire Repair Corporation for the year 2017 follows: General and administrative expenses: Freight-in $14,000 Salaries and wages expense $37,500 Purchase discounts 11,000 Depreciation expensebuilding 29,600 Dividend revenue 22,000 Office supplies expense 9,600 Inventory (beginning) 114,000 Inventory (ending) 139,000 Sales returns and allowances 14,000 Lossother (due to flood damage) 51,000 Service expenses: Gain on the sale of equipment 6,000 Salaries and wages 68,000 Purchases 570,000 Depreciation expensegarage equipment 16,400 Sales revenue 900,000 Garage supplies expense 8,200 Interest expense 8,200 The effective tax rate on all income is 32%, and Blue Spruce applies ASPE. (a) Prepare a multiple-step income statement for 2017, showing expenses by function.
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