2. Multiple-Step Income Statement Below is a partial listing of the adjusted account balances of...
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Accounting
2. Multiple-Step Income Statement Below is a partial listing of the adjusted account balances of Barnett Cabinets at year-end on December 31, 2014: Accounts receivable $ 24,000 Cost of goods sold 256,000 Selling expenses (includes depreciation) 48,000 Interest expense 3,000 Accumulated depreciationBuilding 15,000 Sales discounts 5,000 Inventory 52,000 Administrative expenses (includes depreciation) 65,000 Sales revenue 418,000 Accounts payable 34,000 Interest revenue 500 Instructions: Using whatever data you believe appropriate, (1) prepare a multiple-step income statement for the Barnett Cabinets for the year ended December 31, 2014. (2) Calculate the profit margin and the gross profit rate
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