Prepare a multi-step income statement for surrey company. from the following data for the year ended December 31, 2008.
Sales 915,000
Cost of merchandise sold 670,000
Administrative expenses 30,000
Interest expense 12,000
Rent revenue 19,000
Sales returns and allowances 55,000
Selling expenses 120,000
Surry Company
Multiple step Income Statement
For Year Ended December 31, 2008
Revenue:
Sales
915000
less
sales RNA
55000
Net Sales
860000
less Cost of Merch Sold
670000
Gross Profit
190000
Operating Expenses:
Selling Expenses
120000
Administrative Expeses
30000
Total operating expenses
150000
Income from operations
40000
Other Expenses and Revenue:
Plus Rent Revenue
19000
Minus Interest Expense
12000
NET INCOME:
47000
