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13 July, 04:56

The following data for the current year ended December 31, 2016, was extracted from the accounting records of Xender Co.: Cost of merchandise sold $937,200 Operating expenses 307,500 Sales 1,230,250 Prepare a multiple-step income statement for the year ended December 31, 2016. Xender Co. Income Statement For the Year Ended December 31, 2016

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  1. 13 July, 06:01
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    income statement are given below

    Explanation:

    given data

    Cost of merchandise sold = $937,200

    Operating expenses = 307,500

    Sales = 1,230,250

    solution

    income statement are as

    Income Statement for the year ended December 31, 2016

    Sales $1,230,250

    Cost of Merchandise Sold $937,200

    Gross Profit $293050

    Operating expenses $307,500

    net income - $14450

    here Gross Profit is Sales - Cost of Merchandise Sold

    Gross Profit = $1,230,250 - $937,200 = $293050

    and

    net income = Gross Profit - Operating expenses

    net income = $293050 - $307,500 = - $14450
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