Question

Question 50 of 52 < > -/1 E View Policies Current Attempt in Progress Carla Vista Floors has year-end account balances of Sales Revenue $673,000, Interest Revenue $2,600. Cost of Goods Sold $411,200, Salaries and Wages Expense $95,000, Administrative Expense $64.000, and Income Tax Expense $48,200. Prepare a multiple-step income statement. Carla Vista Floors Income Statement Year ended December 31, 2020 + . .

Answer 1

Answer

• Requirement

Income Statement
Sales Revenue		$673,000
Cost of Goods Sold		$411,200
Gross Profits		$261,800
Salaries & Wages Expense	$95,000
Administrative expense	$64,000
Total Operating expense		$159,000
Operating Income or Income from Operation		$102,800
Other revenues and expenses
Interest Revenue		$2,600
Income before income tax expense		$105,400
Income tax expense		$48,200
Net Income		$57,200