On December 31, 2020, the balances of the accounts appearing in the ledger of Home...
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Accounting
On December 31, 2020, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniture wholesaler, are as follows:
Rent revenue
$11,000
Accounts receivable
500,000
Administrative expenses
200,000
Selling expenses
250,000
Sales
3,250,000
Cash
530,000
Cost of merchandise sold
1,600,000
Interest expense
6,000
Prepare a multi-step income statement for the year ended December 31, 2020.
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