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11UULUI Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement, for t
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Multi-step income statement:

Acorn and Nut Company
Multi-Step Income Statement
December. 31, 2016
Net Sales $100,000
Less: Cost of Goods Sold ($37,750)
Gross Profit $62,250
Less: Operating Expenses:
Selling Expenses ($10,000)
General and Admin Ex ($6,000)
Total Operating Expenses ($16,000)
Operating Income $46,250
Add: Dividend Income $8,750
Earnings before interest and taxes $55,000
Less: Interest Expense ($6,250)
Earnings before taxes $48,750
Less: Income Tax Expense ($19,500)
Income after tax $29,250
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