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  3. prepare a multiple-step income statement. (lo 3)

Prepare a multiple-step income statement. (LO 3) The adjusted balances for the year...

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Question

Accounting

Prepare a multiple-step income statement.
(LO 3) The adjusted balances for the year ended December 31,2027, for Dykstra Company are shown as follows. The accounts are listed in alphabetical order.
\table[[Account,Adjusted Balance],[Accounts Payable,10,600],[Accounts Receivable,11,100],[Accumulated Depreciation-Equipment,18,000],[Advertising Expense,12,000],[Cash,14,500],[Common Stock,70,000],[Cost of Goods Sold,363,400],[Depreciation Expense,9,000],[Dividends,12,000],[Equipment,95,000],[Freight-Out,7,600],[Insurance Expense,4,500],[Interest Expense,3,600],[Interest Revenue,2,500],[Inventory,29,000],[Notes Payable,25,000],[Prepaid Insurance,2,500],[Rent Expense,24,000],[Retained Earnings,11,000],[Salaries and Wages Expense,56,000],[Sales Discounts,536,8000],[Sales Returns and Allowances,6,700],[Sales Revenue,],[Utilities Expense,5,000],[,]]
Instructions
Prepare a multiple-step income statement for Dykstra Company. Assume a tax rate of 25%.
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