Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue $ 250,000 Income tax expense $ 20,000 Non-operating revenue 100,000 Cost of goods sold 180,000 Selling expenses 50,000 Administrative expenses 30,000 General expenses 40,000 Required: 1. Prepare a multiple-step income statement

Sagot :

Answer and Explanation:

The preparation of the multiple step income statement is presented below

Sales revenue $250,000

Less: cost of goods sold -$180,000

Gross profit $70,000

Less

Selling expenses 50,000

Administrative expenses 30,000

General expenses 40,000

Total operating expenses -$120,000

Non operating revenue $100,000

Income before income taxes $50,000

Less: income tax expense -$20,000

Net income $30,000

We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.