Question - The following is a partial Adjusted Trial Balance for Alpha Company for the month:
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Alpha Company
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Adjusted Trial Balance (partial)
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January 31, 2016
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Accounts
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Debit
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Credit
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Inventory
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$2,750
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Sales
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$11,500
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Sales Discounts
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200
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Sales Returns & Allowances
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1,200
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Purchases
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4,000
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Purchases Discounts
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150
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Purchase Returns & Allowances
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450
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Freight In
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50
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Advertising Expense
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150
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Depreciation Expense
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130
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Freight Out
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70
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Income Tax Expense
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500
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Salaries Expense
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550
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Utilities Expense
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100
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Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement. Prepare a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.