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Required Information Use the following information for the Quick Studies below. (The following information applies...

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Accounting

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Required Information Use the following information for the Quick Studies below. (The following information applies to the questions displayed below.) Vitamix reports the following information for its year ended December 31: Cash sales $ 60,000 Sales on credit 90,000 General and administrative 17,000 expenses Sales returns 11,000 Cost of goods sold 80,000 Sales discounts 2,000 Selling expenses 24,000 GS 5-19 (Static) Preparing gross profit section of a multiple-step income statement LO P4 Use the above information to prepare the gross profit section of a multiple-step income statement. $ 150,000 VITAMIX Income Statement For Year Ended December 31 Sales Less: Sales returns $ 11,000 Less: Sales discounts 2,000 Gross profit Cost of goods sold Gross profit 13,000 137,000 S 137,000

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