. Use the information from the following single-step income


Question Description:

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. Use the information from the following single-step income statement to prepare a multistep income statement in proper form. Midway Industries Income Statement For the Year Ended December 31, 20×5 Revenues Net sales $10,000 Interest income 300 Total revenues $10,300 Costs and expenses Costs of goods sold $ 5,000 Selling expenses 3,000 General and administrative expenses 1,800 Interest expense 800 Total costs and expense 10,600 Net income (loss) ($ 300)

Answer

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