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Single-Step Income Statement
McGrath Co. on June 30, 2008, reported a retained earnings balance of $1,475,000 before closing the books. The books of the company showed the following account balances on June 30, 2008:
Sales
$2,870,000
Inventory: July 1, 2007
150,000
June 30, 2008
175,000
Sales Returns and Allowances
120,000
Purchases
1,542,000
Purchase Discounts
32,000
Dividends Declared
300,000
Selling and General Expenses
283,000
Interest Revenue
72,000
Income Taxes
270,900
Instructions:
Prepare a single-step income statement and a retained earnings statement. McGrath Co. has 275,000 shares of common stock outstanding.
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