Question No: 2 (15 minutes) Notson Company gathered the following condensed data for the year...
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Accounting
Question No: 2 (15 minutes)
Notson Company gathered the following condensed data for the year ended December 31, 2017:
| Accounts | Balance |
| Sales | $560,000 |
| Sales Returns and Allowances | 20,000 |
| Sales Discounts | 7,000 |
| Cost of Goods Sold | 386,000 |
| Freight-out | 2,000 |
| Advertising Expense | 15,000 |
| Interest Expense | 18,000 |
| Store Salaries Expense | 55,000 |
| Utilities Expense | 28,000 |
| Depreciation Expense | 7,000 |
| Interest Revenue | 30,000 |
Required:
Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017.
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