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ZIPPY COMPANY Combined Statement of Income and Retained Earnings For The Year Ended December 31, 20X1 |
ZIPPY COMPANY Combined Statement of Income and Retained Earnings For the Year Ended December 31, 20X1 |
| Sales | $400,000 | Sales | $400,000 |
| Cost of Sales | (240,000) | Cost of Sales | (240,000) |
| Gross Margin | 160,000 | Gross Margin | 160,000 |
| Operating Expenses | (50,000) | Operating Expenses | (50,000) |
| Operating Income | 110,000 | Net Income | 110,000 |
| Extraordinary Item | (100,000) | Retained Earnings, Beginning | 50,000 |
| Net Income | $ 10,000 | Less: Extraordinary Item | (100,000) |
| Retained Earnings, Beginning | 50,000 | Retained Earnings,Ending | $
60,000 ======== |
| Retained Earnings,Ending | $
60,000 ======= |
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