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Below are some of the items found in a multiple-step income statement

Below are some of the items found in a multiple-step income statement:

a. Sales revenue.

b. Net income.

c. Operating income.

d. Income before income taxes.

e. Gross profit.

Place these items in the order they would appear from first to last.

 

 

138. Beasley, Inc. reports the following amounts in its December 31, 2015, income statement.

Sales revenue$300,000Income tax expense$  38,000

Interest expense    12,000Cost of goods sold  125,000

Salaries expense    35,000Advertising expense    24,000

Utilities expense    41,000

Prepare a multiple-step income statement.

 

Beasley, Inc.

Multiple-step Income Statement

For the year ended December 31, 2015

Sales revenue

$300,000

 

 

Cost of goods sold

125,000

 

Gross profit

 

$175,000

Salaries Expense

35,000

 

Utilities Expense

41,000

 

Advertising Expense

24,000

 

Total operating expenses

 

100,000

Operating income

 

75,000

Interest expense

 

12,000

Income before income taxes

 

63,000

Income tax expense

 

38,000

Net income

 

$  25,000

 

 

 

 

       

 

Learning Objective: 06-02

Difficulty: Hard

AACSB: Analytic

AICPA: FN Reporting

Blooms: Analyze

Jan 27 2020 View more View Less

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