In its income statement for the year ended December 31, 2022, Blossom Company reported the following condensed data.

Salaries and wages expenses $567,300

Loss on disposal of plant assets $101,870

Cost of goods sold 1,204,140

Sales revenue 2,696,200

Interest expense 86,620

Income tax expense 30,500

Interest revenue 79,300

Sales discounts 195,200

Depreciation expense 378,200

Utilities expense 134,200

Prepare a multiple-step income statement. (List other revenues before other expenses.)

Question

Business

Barclay

9 September, 03:23

In its income statement for the year ended December 31, 2022, Blossom Company reported the following condensed data.

Salaries and wages expenses $567,300

Loss on disposal of plant assets $101,870

Cost of goods sold 1,204,140

Sales revenue 2,696,200

Interest expense 86,620

Income tax expense 30,500

Interest revenue 79,300

Sales discounts 195,200

Depreciation expense 378,200

Utilities expense 134,200

Prepare a multiple-step income statement. (List other revenues before other expenses.)

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Answers (1)

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Julia Fisher · Answer 1

Sales revenue = 2696200

less: sales discount = (195200)

Net sales 2501,000

Less: Cost of goods sold = (1204,140)

Gross profit 1296860

Less: Operating expense

salaries & wages expense 567300

Utilities expense 134200

Depreciation expense 378200

= (1079700)

Profit before interest and taxes 217160

Less: Interest expense = (86620)

130540

Less: tax expense = (30500)

Profit after interest and taxes 100040

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