The multi-step Income Statement for Lazer Industries, Inc. for the year ended December 31, 20x1 is as follows:
Lazer Industries, Inc.
For the year ended December 31, 20x1
Net sales $1,200,000
Cost of goods sold $300,000
Gross profit $900,000
Expenses:
Selling, general and administrative $170,000
Operational income $730,000
Interest expense $150,000
Ordinary Income before tax $580,000
Gain on sale of
discontinued operations $400,000
Gain on sale of investments $30,000
restructuring charges ($20,000)
Taxable income $990,000
Tax on ordinary income $207,900
Net income $782,100
A multiple-step income statement is an income statement that categorizes incomes and expenses into operating and non-operating heads so that the net income can be computed after taking into account operating, ordinary, and extraordinary revenues and expenses.
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