Question

In its income statement for the year ended December 31, 2020, Cheyenne Corp. reported the following condensed data. Operating expenses $ 753,390 Interest revenue $ 30,920 Cost of goods sold 1,293,700 Loss on disposal of plant assets 16,420 Interest expense 72,600 Net sales 2,404,800 Other comprehensive income 6,970

Prepare a multi-step income statement

Answer 1

multi-step income statement

Net sales	2,404,800
Cost of goods sold	- 1,293,700
Gross profit	1,111,100
Operating expenses	- 753,390
Operating profit	357,710
Other revenues
Interest revenue	30,920
Other expenses
Interest expense	- 72,600
Loss on disposal of plant assets	- 16,420
Income before tax	299,610
Other comprehensive income	6,970
Net income	$306,580

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