Prepare a multiple-step income statement for Armour Co. from the following data for the year ended December 31, 2012.
Sales, $905,000; cost of merchandise sold, $540,000; administrative expenses, $10,000; interest expense, $20,000; rent revenue, $25,000; sales returns and allowances, $35,000; selling expenses, $90,000.

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The Answer of Prepare a multiple-step income statement for Armour Co. from the following data for the year ended December 31, 2012.
Sales, $905,000; cost of merchandise sold, $540,000; administrative expenses, $10,000; interest expense, $20,000; rent revenue, $25,000; sales returns and allowances, $35,000; selling expenses, $90,000.

Prepare a Multiple-Step Income Statement for Armour Co