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4. Merchandising Operations / Multi-step Income Statement / Problem 15
Problem 15
A company has net sales of \$800,000, COGS of \$500,000, operating expenses of \(150,000, non-operating revenues of \)20,000, non-operating expenses of \$10,000, and income tax expense of \$30,000. Calculate the net income using the multi-step income statement format.