Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Join our platform to get reliable answers to your questions from a knowledgeable community of experts. Discover detailed answers to your questions from a wide network of experts on our comprehensive 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

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.