Problem Prepare a multiple-step income statement for Armour Co. from the following data for the year ended December 31, 2012. 41. Sales, $875,000; Cash $35,000; Inventory $20,000; cost of merchandise sold; $540,000; administrative expenses, $10,000; interest expense, $20,000; Accounts Payable 56,000; rent revenue, $25,000; $35,000; selling expenses, $60,000, Common Stock $150,000; dividends $25,000.
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