Question

Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Karlman Distributors for the year ended December 31. All accounts have normal balances. Selling, General and Administrative Expense 186,300 Cost of Goods Sold $330,300 Interest Expense 3,300 Sales Revenue 550,300 Income Tax Expense 10,300 Note: Do not use negative signs with any of your answers. KARLMAN DISTRIBUTERS Income Statement For the Year Ended December 31 $ Gross Profit on Sales Operating Expenses Income from Operations Other Income and Expense Income before Income Taxes Net Income $

Answer 1

550300 330300 220000 Answer: KARLMAN DISTRIBUTERS Income Statement For the Year Ended December 31 Sales Less: Cost of Goods Sold Gross Profit on Sales Operating Expenses Less: Selling General and Administrative Expenses Income from Operations Other Income and Expense Less: Interest Expense Income Before Income Taxes Less:Income Tax Expense Net Income 186300 33700 3300 30400 10300 20100