Question

Current Attempt in Progress The following selected accounts from the Sunland Company's general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends $53.000 Interest revenue 248.000 Inventory 1,083,000 Rent revenue 123,000 Retained earnings 148,000 Salaries and wages expense 23,000 Sales discounts 68,000 Sales returns and allowances 15,000 Sales revenue 68,000 $31.000 65.000 24,000 533.000 673,000 8,400 42,000 2.398,000 Freight-out Income tax expense Insurance expense Interest expense Prepare a multiple-step income statement. Sunland Company Income Statement

Answer 1

Sunland Company
Income Statement
December 31, 2022
Revenues:
Sales	2,398,000
Less:
Sales discount	-8,400
Sales return	-42,000
Net Sales		2,347,600
Cost of goods sold		-1,083,000
Gross Profit		1,264,600
Operating expense:
Advertising expense	-53,000
Depreciation expense	-123,000
Freight out	-23,000
Insurance expense	-15,000
Total Operating expense		-214,000
Operating Income		1,050,600
Other revenue and gains:
Interest revenue	31,000
Rent revenue	24,000
		55,000
Other expenses and taxes
Interest expense		-68,000
Profit before tax		1,037,600
Income tax expense		-68,000
Net Income		$969,00

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