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(Solved) E3-4 Basic Income Statement The following are selected account balances of the Rule Corporation...


E3-4        Basic Income Statement The following are selected account balances of the Rule Corporation at the end of 2007:     Debit Credit Operating expenses $3,800   Sales returns 600   Sales revenue   $16,200 Cost of goods sold 8,300   Interest expense 800   Gain on sale of land   500 The company is subject to a 30% income tax rate and stockholders own 800 shares of its capital  stock. Required Prepare a 2007 income statement for Rule Corporation.  

 


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Oct 15, 2019

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