NEWCO's adjusted account balances as of December 31, 2015 are shown below (some noted balances are Jan. 1, 2015):
Based on the account balances provided, prepare a multi-step income statement and a classified balance sheet. Note: A multi-step" income statement is one that shows Net Sales, Cost of Goods Sold, Gross Profit, Total Operating Expenses, Net gain/loss from other activities (if applicable), Income before taxes, Income tax expense, and Net Income.
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