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In its income statement for the year ended December 31, 2007, Knitz Company reported the...

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Accounting

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In its income statement for the year ended December 31, 2007, Knitz Company reported the following condensed data. Administrative expenses $435,000 Selling expenses $690,000 Cost of goods sold 987,000 Loss on sale of equipment 83,500 Interest expense 68,000 Sales 2,350,000 Interest revenue 45,000 Instructions: (a) Prepare a multiple-step income statement. 2,350,000 987,000 1,363,000 KNITZ COMPANY Income Statement For the Year Ended December 31, 2007 Sales Cost of goods sold Groos proit Title Title Amount Title Amount Title Title Title Account title Amount Title Account title Amount Account title Amount Formula Title Formula Formula Formula Formula

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