Question

mel, 7e, > Assignments > Ch5_Homework Ch5_Homework Send to Gradebook LUS Support Question 5 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2022, Marigold Corp. reported the following condensed data. Operating expenses $713,000 Interest revenue $ 25,000 Cost of goods sold 1,248,000 Loss on disposal of plant assets 9,000 Interest expense 62,000 Net sales 36,000 Other comprehensive income (net of $1.200 tax) 2,192,000 7,500 Income tax expense Prepare a multiple-step income statement Marigold Corp. Income Statement

Answer 1

Prepare multi-step income statement as follows: D A B C Marigold Corp. Income Statement 3 Sales Revenue 4 Cost of goods sold 5 Gross profit 6 Operating expense 7 Operating income 8 Other revenue 9 Interest revenue $25,000 10 Other expense 11 Interest expense $62,000 12 Loss on disposal of plant assets $ 9,000 $71,000 14 Net income $21,92,000 $12,48,000 $ 9,44,000 $ 7,13,000 $ 2,31,000 $ -46,000 $ 1,85,000 Since the format is not given, there might be slight variation from the format required. For any clarifications please post in comment section.