Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year ending December 31, 2003 given the information below:
|
Advertising expenditures |
68,000 |
|
Beginning inventory |
256,000 |
|
Depreciation |
78,000 |
|
Ending inventory |
248,000 |
|
Gross Sales |
3,210,000 |
|
Interest expense |
64,000 |
|
Lease payments |
52,000 |
|
Management salaries |
240,000 |
|
Materials purchases |
2,425,000 |
|
R&D expenditures |
35,000 |
|
Repairs and maintenance costs |
22,000 |
|
Returns and allowances |
48,000 |
|
Taxes |
51,000 |
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