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Questions 1-3 are based on the by Bash Co. for the year ended Decer tial (alphabetized) trial bal Credit 70,000 15,000 25,000 15,000 Administrative expenses Bad debt expense Freight in Freight out 50,000 25,000 120,000 Gain on the sale of equipment Interest revenue Inventory, beginning 160,000 20,000 10,000 35,000 600,000 Inventory, ending Loss on early retirement of long-t Loss on sale of equipment Prepaid expenses Purchases Sales Sales commissions Unearned revenue Unrealized gain on available-for-sale debt securities 750,000 50,000 35,000 20000 Totals 1. In its 2018 multiple-step income statement, what should Bash Co. report as gross profit? A. $200,000 B. $165,000 C. $150,000 D. $135,000 2. In its 2018 multiple-step income statement, what should Bash Co. report as operating income/(loss)? A. $45,000 B. $15,000 C. $10,500 D. ($20,000) 3. In its 2018 multiple-step income statement, what should Bash Co. report as net income/(loss)? A. $80,000 B. $64,000 C. $60,000 D. $48,000
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Answer #1

Bash co. multiple step income statement for the year ending december 31,2018

Income Statement Sales revenue 750000 Cost of s sold- Purchases Freight irn opening inventor Less Closing invento 600000 2500

Question 1. Gross profit = $ 165,000 = option B

Question 2. Operating loss = $ (20,000)= option D

Question 3. Net income = $ 64,000 = option B

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