Problem: In its income statement for the year ended December 31, 2005, Bach Company reported the following:
|
Administrative expenses
|
$435,000
|
Selling Expenses
|
$490,000
|
|
Cost of Goods Sold
|
1,289,000
|
Loss on Sale of Equipment
|
10,000
|
|
Interest Expense
|
70,000
|
Net Sales
|
2,342,000
|
|
Interest Revenue
|
28,000
|
|
|
Required: Prepare the following:
A) Multi-step income statement.
B) Single-step income statement.
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