Question

Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense Utilities expense $334,000 12,000 32,000 42,000 Income tax expense Cost of goods sold Advertising expense 42,000 122,000 22,000 Required Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 $ 334,000 122,000 Sales revenue Cost of goods sold Salariesexpense 32,000 42,000 22,000 tilities expense Advertising expense Total operating expenses Operating income 96,000 12,000 Interest expense ncome before income taxes ncome tax expense 42,000 et income

Answer 1

Wayman Corporation
Multiple-step Income Statement
For the year ended December 31, 2018
Sales revenue	$334,000.00
Cost of goods sold	$122,000.00
Gross profit		$212,000.00
Salaries expense	$32,000.00
Utilities expense	$42,000.00
Advertising expense	$22,000.00
Total operating expenses		$96,000.00
Operating income		$116,000.00
Interest expense		$12,000.00
Income before income taxes		$104,000.00
Income tax expense		$42,000.00
Net income		$62,000.00