Acc100 Accounting: E5-10 In its income statement for the year ended December 31, 2012, Fox Company

Acc100 Accounting

E5-10, Prepare multiple-step and single-step income statements.
In its income statement for the year ended December 31, 2012, Fox Company reported the following condensed data.
Operating expenses 725,000 Interest revenue 28,000
Cost of goods sold 1,289,000 Loss on sale of plant assets 17,000
Interest expense 70,000 Net sales 2,200,000

Instructions:
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.
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