Problem

(L. OBJ. 4, 5) Preparing a merchandiser’s multi-step income statement to evaluate the bu...

(L. OBJ. 4, 5) Preparing a merchandiser’s multi-step income statement to evaluate the business [10—15 min]

Selected amounts from the accounting records of Long Pond Business Systems Co for the fiscal year ended January 31, 2011, follow:

Requirement

1. Prepare the company’s multi-step income statement.

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Solutions For Problems in Chapter 5

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