Question Details

The adjusted trial balance of Notson Company 


The adjusted trial balance of Notson Company contained the following information:
Debit Credit
Sales $560,000
Sales Returns and Allowances $ 20,000
Sales Discounts 7,000
Cost of Goods Sold 386,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 18,000
Store Salaries Expense 55,000
Utilities Expense 28,000
Depreciation Expense 7,000
Interest Revenue 30,000
Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended
December 31, 2008.
2. Prepare a single-step income statement for the year ended December 31, 2008.



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