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problem: The following data is available for the Koufax Company for the year ending Dec. 31, 2007:

Sales

400,000

Depreciation expense

50,000

Insurance expense

10,000

Salaries expense

60,000

Delivery expense

2,000

Cost of goods sold

180,000

Interest expense

12,000

Rental income

4,000

Income tax rate

30%

Beginning Retained Earnings

50,000

Dividends

25,000

Information:

Create two income statements & the Retained Earnings Statement. Use the single-step format and multiple-step income formats.

 

 

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920637

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