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The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8:Cash $167,000 Retained Earnings $507,600Acconts Receivable 300,000 Dividends 250,000Inventory 735,000 Sales 7,134,000Estimated Returns Inventory 25,000 Cost of Goods Sold 4,350,000Office Supplies 30,000 Sales Salaries Expense 777,600Prepaid Insurance 24,000 Advertising Expense 91,800Prepare a multiple-step income statement

User Duganets
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1 Answer

3 votes

Answer:

Net Income = $1,914,600

Step-by-step explanation:

See the image to get the appropriate calculation

The following selected accounts and their current balances appear in the ledger of-example-1
User Isaac Moses
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