Question

ment, prepare re a multiple-step income n thousands except for de ncome staten ept for pero in the chapter (i.e., the balall 4-36 Multiple-Step Income Statement (Alternates are 4-40 and 4-51.) From the following data, prepare a mul the Huffman Company for the fiscal year ended May 31, 20X0 ($ in tho $1,800 $2,800 138 110 160 Sales Interest expense Utilities expense Interest revenue Income tax rate Cost of goods sold Depreciation expense Rent revenue Wage expense 28 400 40%

Answer 1

Huffman Company for the fiscal year May 31,20X0 Multiple Step Income Statement Sales 2$ 2,800 Less: Cost of Goods Sold Gross Profit Operating Expenses Utilities Expenses Depreciation Expenses Wages Expenses Total Operating Expenses Operating Income Non Operating or Other Rent Revenue Interest Revenue Less:Interest Expenses Non Operating Income before Tax Less: Income Tax Expenses(300*40%) Income after Tax -1,800 2$ 1,000 110 $ 160 400 2$ 670 330 80 28 -138 2$ -30 300 -120 180 Note: Multiple Income Statement shows clear segregates of operating and non operating activities 2.Income Tax given 40% of Net Income %24