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23 September, 12:35

Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 355,000 Income tax expense $ 45,000 Interest expense 15,000 Cost of goods sold 125,000 Salaries expense 35,000 Advertising expense 25,000 Utilities expense 45,000 Required: Prepare a multiple-step income statement.

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  1. 23 September, 12:54
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    The presentation of the multiple - step income statement is presented below

    Wayman Corporation

    Multiple-step income statement

    As on December 31,2021

    Sales revenue $355,000

    Less: Cost of goods sold - $125,000

    Gross profit $230,000

    Less: Operating expenses

    Salaries expense $35,000

    Utilities expense $45,000

    Advertising expense $25,000

    Total operating expense - $105,000

    Operating income $125,000

    Less: Interest expense - $15,000

    Income before taxes $110,000

    Less: Income tax expense - $45,000

    Net income $65,000
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