. The following data were taken from the records of Lilo Corporation for the year...
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Accounting
. The following data were taken from the records of Lilo Corporation for the year ended December 31, 2010:
Sales 900,000
Sales returns and allowances 10,000
Selling and administrative expenses 170,000
Cost of goods sold 510,000
The income tax rate is 35%. Based on the above data, prepare a multiple-step income statement using good form. Include gross profit and pretax income.
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