Answered

Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Get immediate and reliable answers to your questions from a community of experienced professionals on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.