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In: Accounting

The following account balances are taken from Sherwood Ltd.’s adjusted trial balance at June 30, 2020:...

The following account balances are taken from Sherwood Ltd.’s adjusted trial balance at June 30, 2020:

Debit

Credit

Sales revenue

 $1,254,000

Advertising expense

 $123,000

Cost of goods sold

 594,000

General and administrative expenses

 39,000

Selling expenses

 75,000

Depreciation expense

 70,000

Interest expense

 39,000

Interest revenue

 43,000

Income tax expense

 12,000

Wages expense

 166,000

Utilities expense

 107,000

Prepare a single-step statement of income for the year ended June 30, 2020.

.

.

.

Prepare a multi-step statement of income for the year ended June 30, 2020.

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ekkarill92 answered 2 years ago
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