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Dominos department store has advertised for finance students to work in its Finance department during the...

Dominos department store has advertised for finance students to work in its Finance department during the summer and you have applied for the job. To determine whether you are familiar with the content of classified financial statement. Use the following data provided by the controller of ASF. The data are derived from the store s’ operation in the year ended December 31 2011

Net sales                                              10,000

Net income                                          ?

Current liabilities                                 2,000

Selling expenses                                  1,000

Long term liabilities                            1,600

Total assets                                          6,800

Stock holder equity                             ?

Gross Profit                                         ?

Cost of goods sold                              7,000

Current assets                                      4,000

Income tax                                          220

Operating income                                ?

General and administrative expense 980

Plant and equipment                           2600

Other assets                                         ?

Required

1          Using the above data prepare the following

  • Classified balance sheet
  • Multiple – step income statement
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