HTML Preview Multi Step Income Statement With Taxes page number 1.
Sample Multiple-Step Income Statement
Sales 1,480,000$
Cost of goods sold 600,000
Gross profit 880,000
Operating expenses:
Selling 100,000
Administrative 220,000
Total operating expenses 320,000
Income from operations 560,000
Other revenue and (expense):
Interest revenue 35,000
Interest expense (15,000)
Dividend revenue 15,000
Infrequent or unusual gains 9,000
Infrequent or unusual losses (4,000)
Total other revenue and expense 40,000
Income before income taxes 600,000
Income taxes 208,000
Income from continuing operations 392,000
Discontinue operations:
Income from operations, less income tax of $24,800 54,000
Loss on disposal, less income tax of $41,000 (90,000)
Total discontinued operations (36,000)
Income before extraordinary item 356,000
Extraordinary item, less income tax of $23,000 (45,000)
Net income 311,000$
ABC Company
Income Statement
For the Year Ended December 31, 2009