Common stock were outstanding the entire year Forta Company presents you with the following account balances taken from the December 31, 2010, trial balance. Required: Prepare a single-step income statement in proper form. Sales $200,000 Cost of Goods Sold 80,000 Cash 10,000 Selling Expenses 20,000 General and Administrative Expenses 15,000 Interest Income 3,000 Interest Expense 2,000 Accounts Receivable 15,000 Retained Earnings 60,000 Gain on Sale of Property 2,000 Accounts Payable 15,000 Additional data: 1. 10,000 shares of common stock were outstanding the entire year. 2. The income tax rate is 35%. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help
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