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Prepare the income statement


Response to the following problem:

Consider the following account balances (in thousands) for the Piedmont Corporation:

1380_account balances.jpg

Required :

1. Prepare a schedule for the cost of goods manufactured for 2011.

2. Revenues for 2011 were $600 million. Prepare the income statement for 2011.

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Accounting Basics: Prepare the income statement
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