Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...

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Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense S Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended Dece

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Answer 1

Answer #1

Sales revenue	362000
Cost of goods sold	126000
Gross profit		236000
Salaries expense	36000
Utilities expense	46000
Advertising expense	26000
Total operating expenses		108000
Operating income		128000
Interest expense		16000
Income before income tax		112000
Income tax expense		46000
Net income		66000

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Answer 2

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