Home / Questions / 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
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