Question

10. Big Toys Motorcycle's selected accounts as of December 31, 2018, follow: E(Click the icon to view the accounts and balances.) Prepare the multi-step income statement for the year ended December 31, 2018. Big Toys Motorcycle Income Statement Year Ended December 31, 2018 Net Income (Loss) Data Table Selling Expenses $ 11,900 Interest Revenue 800 Net Sales Revenue 122,000 Cost of Goods Sold 84,000 Administrative Expenses 6,000 Print Done

Answer 1

ANSWER:

Particulars	$	$
Net sales revenue		122000
Less: cost of goods sold		(84000)
Gross profit		38000
Less: operating expenses
Selling expenses	11900
Administrative expenses	6000
Total operating expenses		17900
Operating profit		20100
Non operating revenues (expenses)
Add: interest revenue	800
Total other income		800
Net income		20900