Question

prepare a multiple step income statement for jackrabbit inc. from the following single step statement

Net income bit Inc, from the following Collowing single 112. Prepare a multiple-step income statement for Jackrabbit Inc. fra step statement $1,840,000 15,000 13,000 1,868,000 Net sales Gain on sale of equipment ils >> Interest income go Costs and expenses: Cost of goods sold Selling expenses General and administrative expenses Depreciation MESTO Equity losses 2018 Interest expense HER Income tax expenser e r ten 1,072,000 270,000 155,000 24,000 9,000 16,000 96,000 $ 226,000 Net income for at -

Answer 1

JACKRABBIT Inc.
Multiple-step income statement
	$	$
Revenue
Net Sales		1,840,000.00
Cost of goods sold		1,072,000.00
Gross Profit		768,000.00
Operating Expenses
Selling Expense	270,000.00
General and administrative expense	155,000.00
Depreciation	24,000.00
Total operating expenses		449,000.00
Income from Operations		319,000.00
Other Revenues and Gains
Interest income	13,000.00
Gain on sale of equipment	15,000.00	28,000.00
		347,000.00
Other expenses and losses
Interest expense	16,000.00
Equity Losses	9,000.00	25,000.00
Income before taxes		322,000.00
Income taxes expense		96,000.00
Net Income		226,000.00