In its income statement for the year ended December 31, 2020, Kingbird, Inc. reported the following condensed data.

Operating expenses $736,070 Interest revenue $31,590
Cost of goods sold 1,314,300 Loss on disposal of plant assets 18,990
Interest expense 74,650 Net sales 2,415,700
Other comprehensive income 7,100

Required:
Prepare a multiple-step income statement.

Question

05-03-2021
Business

Answered

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In its income statement for the year ended December 31, 2020, Kingbird, Inc. reported the following condensed data.

Operating expenses $736,070 Interest revenue $31,590
Cost of goods sold 1,314,300 Loss on disposal of plant assets 18,990
Interest expense 74,650 Net sales 2,415,700
Other comprehensive income 7,100

Required:
Prepare a multiple-step income statement.

Sagot :

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