The Allowance for Bad Debts account had a balance of $7,300 at the beginning of the year and $10,100 at the end of the year. Dur
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Answer:
We are given all the details of the activity and the results of those activities, like the cost and revenue.
The multi step income statement shall be as follows:
Income:
Revenue from Sales = $2,391,000
Other Income = $0
Total Revenue = $2,391,000
Expenses:
Cost of goods sold = $1,168,860
$23 50,820
Selling and Administrative = $303,100
Interest Expense = $13,060
Total Expenses = $1,485,020
Net Income before Taxes = $905,980
Less: Taxes on income = $220,400
Income from Continuing Operations = $685,580