### Income Statement Information for Pina CompanyFor the year ended December 31, 2020, Pina Company provided condensed financial data as follows:- **Operating Expenses:** $768,410- **Cost of Goods Sold (COGS):** $1,338,000- **Interest Expense:** $72,070- **Interest Revenue:** $32,380- **Loss on Disposal of Plant Assets:** $18,030- **Net Sales:** $2,422,500- **Other Comprehensive Loss:** $8,100### Instructions for Preparing a Multiple-Step Income Statement- When preparing the income statement, ensure that other revenues are listed before other expenses.- Negative amounts should be entered with a negative sign or within parentheses.### Income Statement Template- **PINA COMPANY** - **Income Statement** 1. **Net Sales**: $2,422,500 2. **Cost of Goods Sold**: - Subtotal: $(Enter COGS) 3. **Gross Profit**: - Subtotal: $(Net Sales - COGS) 4. **Operating Expenses**: - Subtotal: $(Enter Operating Expenses) 5. **Operating Income**: - Subtotal: $(Gross Profit - Operating Expenses) 6. **Other Revenues and Gains**: - Enter details here such as interest revenue. 7. **Other Expenses and Losses**: - Enter details here such as interest expense and loss on disposal of plant assets. 8. **Income before Income Tax**: - Subtotal: $(Calculate accordingly) 9. **Income Tax Expense**: - Subtotal: $(Enter if applicable) 10. **Net Income**: - Final Total: $(Calculate final net income)This template is a guide to format a multiple-step income statement, ensuring revenues and gains are detailed before expenses and losses. Be sure to subtract expenses from revenues accurately to compute the net income. **Single-step Income Statement Preparation:**The first section is titled "PINA COMPANY Income Statement." This section provides a template for creating a single-step income statement. It includes dropdown menus and fields for entering financial data. Users are instructed to enter negative amounts using either a negative sign preceding the number (e.g., -45) or parentheses (e.g., (45)).**Comprehensive Income Statement Preparation:**The second section is titled "PINA COMPANY Comprehensive Income Statement." Similar to the single-step income statement, this section provides dropdown menus and fields for users to enter data. The same instructions apply for negative amounts. Both sections have tabs for selecting accounts, and there are fields to input necessary financial figures to complete the income statements. No specific graphs or diagrams are present in this interface. The focus is on data entry for financial statement preparation.

Income statement forms a part of financial statement of an entity and is prepared with a view to…

Inits income statement for the year ended December 31, 2020, Pina Company reported the following condensed data. Operating expenses $768,410 Interest revenue $32.380 Cost of goods sold 1338,000 Loss on disposal of plant assets 18,030 Interest expense 72.070 Net sales 2,422.500 Other comprehensive loss 8.100 Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg 45 or parentheseseg (45))

Inits income statement for the year ended December 31, 2020, Pina Company reported the following condensed data. Operating expenses $768,410 Interest revenue $32.380 Cost of goods sold 1338,000 Loss on disposal of plant assets 18,030 Interest expense 72.070 Net sales 2,422.500 Other comprehensive loss 8.100 Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg 45 or parentheseseg (45))

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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