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wayman corporation reports the following amounts in its december 31, 2021, income statement. sales revenue $ 390,000 income tax expense $ 50,000 interest expense 20,000 cost of goods sold 130,000 salaries expense 40,000 advertising expense 30,000 utilities expense 50,000 required: prepare a multiple-step income statement.

Respuesta :

An income statement, also known as a profit and loss account, is one of a company's financial accounts that details the company's revenues and expenses for a given time period. The method by which revenues are transformed into net income or net profit is described.

Following would be Income Statements.

Revenue from sales of $446000

  • Cost of goods sold was 138000.
  • $308,000 in total profit

Cost of advertising: $48,000 in salary for 38,000 people.

  • Utility costs make for 58.000 of the overall operating costs.
  • 164,000 in operating income

Interest expense: $28,000 (136,00 before taxes, 58,00 after taxes)

  • $78,000 in profit expenses
  • 78000 in net income

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