The current year's statement of net income for Ken's Kitchens, Inc. is presented below in a single-step format.
Requirement
Prepare Ken's Kitchens income statement using a multiple-step format.
Ken's Kitchens, Inc.
Income Statement
For the Year Ended December 31
Revenues and Gains
Sales
$920,000
Interest Income
350
Dividend Income
960
Gain on Sale of Investment Securities
5,700
Unrealized Gain on Trading Securities
7,000
Total Revenues and Gains
$934,010
Expenses and Losses
Cost of Goods Sold
$59,000
Selling Expenses
42,000
Sales Salaries Expense
30,000
Advertising Expense
20,000
Depreciation Expense-General
3,700
Amortization Expense-General
3,400
Office Salaries Expense
35,000
Office Supplies Expense
31,000
Loss on Asset Impairment
3,400
Legal Fees-General
2,700
Accounting Fees-General
5,100
Interest Expense
5,200
Income Tax Expense at 35%*
242,729
Total Expenses and Losses
(483,229)
Income from Continuing Operations
$450,781
Gain on Discontinued Operations-net of tax
3,835
Net Income
$454,616
*35% x ($934,010-$240,500) = 35% x $693,510 = $242,729
Prepare
Ken's Kitchens'Ken's Kitchens'
multiple-step income statement for the current year, one section at a time. (List the subheadings in the order they are typically shown on a multiple-step income statement. Round all amounts to the nearest whole dollar. Use parentheses or a minus sign to enter other expenses or a loss.)
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Ken's Kitchen | ||
Income Statement for the year ended December 31. | ||
Particulars | Amount $ | Amount $ |
Sales Revenue | 920,000.00 | |
Less: returns and allowances | - | |
Net Sales | 920,000.00 | |
Cost of goods sold | 59,000.00 | |
Gross Profit | 861,000.00 | |
Selling expense | 42,000.00 | |
Sales Salaries Expense | 30,000.00 | |
Advertising Expense | 20,000.00 | |
Depreciation Expense- General | 3,700.00 | |
Amortization Expense- General | 3,400.00 | |
Office Salaries Expense | 35,000.00 | |
Office Supplies Expense | 31,000.00 | |
Legal Fees- General | 2,700.00 | |
Accounting Fees- General | 5,100.00 | |
Operating Expense | 172,900.00 | |
Operating Income | 688,100.00 | |
Interest Income | 350.00 | |
Dividend Income | 960.00 | |
Gain on sale of investment securities | 5,700.00 | |
Unrealized Gain on trading securities | 7,000.00 | |
Loss on asset impairment | (3,400.00) | |
Interest expense | (5,200.00) | |
Other expense and income | 5,410.00 | |
Income before tax | 693,510.00 | |
Tax expense | 242,729.00 | |
Income from continuing operations | 450,781.00 | |
Gain on Discontinued Operations net of tax | 3,835.00 | |
Net Income | 454,616.00 |
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