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7 June, 04:39

Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 330,000 Income tax expense $ 35,000 Interest expense 10,000 Cost of goods sold 129,000 Salaries expense 38,000 Advertising expense 21,000 Utilities expense 43,000 Prepare a multiple-step income statement.

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  1. 7 June, 06:15
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    The preparation of the multiple-step income statement is presented below:

    Explanation:

    The preparation of the multiple-step income statement is presented below:

    Beasley, Inc

    Multiple-step income statement

    December 31, 2021

    Sales revenue $330,000

    Less: Cost of goods sold - $129,000

    Gross profit $201,000

    Less: Operating expenses

    Salaries expense $38,000

    Advertising expense $21,000

    Utilities expense $43,000

    Total operating expenses - $102,000

    Operating income $99,000

    Non operating income or others

    Less: Interest expense $10,000

    Total non operating income $10,000

    Income before taxes $89,000

    Less: income tax expense - $35,000

    Net income $54,000
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