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18 March, 20:20

2. Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000.

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  1. 18 March, 22:09
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    The preparation of the multiple - step income statement is presented below:

    Armstrong Co.

    Multiple - step income statement

    For the year ended December 31

    Sales $755,000

    Less: Cost of goods sold - $330,000

    Gross profit $425,000

    Less: Operating expenses

    Administrative expenses - $35,000

    Selling expenses - $50,000

    Operating income $340,000

    Non operating income or others

    Interest expense - $30,000

    Rent revenue $25,000

    Net income $335,000
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