The company uses the periodic inventory system. A physical count of inventory on December 31 resulted in an inventory amount of $50,000.

Instructions:

1. Prepare an income statement for the year ending December 31, 2019. Assume that twenty thousand shares of common stock were outstanding the entire year.

a. using the Multi-Step form.

b. using the Single-Step form.

Extracted text:

Jun 01, 2022

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