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MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,190; cost of goods sold, $1,420; selling expense, $205; general and administrative expense, $195; interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Gain on sale of investments Gross profit Operating expenses: Cost of goods sold General and administrative expenses Selling expense Interest expense Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income $ 1,420 195 205 65 $ 2,190 115 2,305 1,885

MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,190; cost of goods sold, $1,420; selling expense, $205; general and administrative expense, $195; interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Gain on sale of investments Gross profit Operating expenses: Cost of goods sold General and administrative expenses Selling expense Interest expense Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income $ 1,420 195 205 65 $ 2,190 115 2,305 1,885

FINANCIAL ACCOUNTING
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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MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,190; cost of goods sold, $1,420; selling expense, $205; general and administrative expense, $195; interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Gain on sale of investments Gross profit Operating expenses: Cost of goods sold General and administrative expenses Selling expense Interest expense Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income $ 1,420 195 205 65 $ 2,190 115 2,305 1,885
Transcribed Image Text:MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,190; cost of goods sold, $1,420; selling expense, $205; general and administrative expense, $195; interest expense, $65; and gain on sale of investments, $115. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Gain on sale of investments Gross profit Operating expenses: Cost of goods sold General and administrative expenses Selling expense Interest expense Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income $ 1,420 195 205 65 $ 2,190 115 2,305 1,885
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