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Prepare a multiple-step income statement for the period ended January 31, 2024. [The following...

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Accounting

imageimagePrepare a multiple-step income statement for the period ended January 31, 2024.

[The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,301 are required at the end of each month for 60 months. January 4 Receive $32,900 from customers on accounts receivable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,301 related to the $119,000 borrowed on January 1 . 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.)

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