**Beasley, Inc. Financial Overview for Educational Purposes****Reported Financial Figures as of December 31, 2021:**- **Sales Revenue:** $320,000- **Interest Expense:** $13,000- **Salaries Expense:** $32,000- **Utilities Expense:** $44,000- **Income Tax Expense:** $32,000- **Cost of Goods Sold (COGS):** $124,000- **Advertising Expense:** $21,000**Instructions:**Prepare a multiple-step income statement using the data provided above.**Beasley Inc. Multiple-Step Income Statement****For the Year Ended December 31, 2021**A multiple-step income statement is a comprehensive financial document that breaks down operating revenues and expenses to calculate the net income of a company for a specific time period.**Template Structure (Visual):**The income statement includes several sections, each aligned in a columnar format to outline the detailed financial performance:1. **Sales Revenue Section** – Lists total sales made by Beasley Inc. during the fiscal year.2. **Cost of Goods Sold (COGS)** – Lists the direct costs attributable to the production of goods.3. **Gross Profit Calculation** – Displays sales revenue minus COGS.4. **Operating Expenses**: - Salaries Expense - Utilities Expense - Advertising Expense - Interest Expense5. **Total Operating Expenses** – Sum of all operating expenses.6. **Income before Income Taxes** – Gross profit minus total operating expenses.7. **Income Tax Expense** – Taxes payable by the company.8. **Net Income Calculation** – Income before taxes minus income tax expense.Each entry will have a corresponding amount that contributes to deriving an accurate net income figure reflecting Beasley Inc.'s profitability for the year. This structured approach helps in analyzing core business operations separately from non-operating activities and tax expenses, providing a clearer picture of the company’s financial health.

Gross Profit = Sales revenue - Cost of Goods Sold Total Operating Expenses = Salaries expense +…

Answered: Beasley, Inc., reports the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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