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Q1) The data given below were taken from records of Motion Data Inc at December 31, 20D

Sales Revenue   $120,000
Administration expense  10,000
Selling expense 18,000
Income tax rate  25%
Gross margin (profit ratio)    40%
Shares outstanding     2,000

1. Create complete single-step income statement for company (comprising pretax income, and earnings per share)

2. Create complete multiple-step income statement for company (comprising gross margin, pretax income, and earnings per share)

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920032

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