Multi Step Income Statement | |
Sales revenue | 700,000 |
Cost of goods sold | -500,000 |
Gross Profit | $200,000 |
Operating expenses: | |
Selling expenses | -150,000 |
General and administrative expenses | -60,000 |
Restructuring costs | -40,000 |
Operating Profit | -$50,000 |
Other Revenues | |
Interest revenue | 60,000 |
Gain on sale on investment | 110,000 |
Other Expenses | |
Interest expense | -30,000 |
Profit before tax | $90,000 |
Income tax expense ( 90,000 x 30%) | -27,000 |
Net Income | $63,000 |
Earning per share ( Net Income / Number of Common share) ( 63,000/50,000) | $1.26 |
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Below is a partial adjusted trial balance for Cooper, Inc. at December 31, 2017. Cooper, Inc....
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