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Southgate Inc. began operations several years ago. Southgate Inc.'s closing entries at April 30, 2014 are shown below.
Use this information to prepare a classified multi-step income statement for the year ending April 30, 2014.
Page Gj1 F Credit Debit 138,000 169,500 (select one) Income Statement (select one) 307,500 +++++ 7 7 7 7 445,000 General Journal Date Account/Explanation 30/Apr Rent Earned Sales Income Summary Close temporary credit balance accounts 30/Apr Income Summary. Cost Of Goods Sold Depreciation Expense, Office Fixtures Depreciation Expense, Store Furniture Insurance Expense Interest Expense Office Salaries Expense Office Supplies Expense Sales Discounts Sales Returns and Allowances Sales Salaries Expense Store Supplies Expense Close temporary debit balance accounts 53,000 16,000 5,500 11,000 27,000 117,500 68,000 7,000 25,500 86,000 28,500 137,500 137,500 30/Apr Retained Earnings Income Summary Close income summary 30/Apr Retained Earnings Dividends Close dividends 15,500 15,500
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