Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.Note: Do not use negative signs with your answers.CRANE DISTRIBUTORSIncome StatementFor the Year Ended December 31Sales RevenueCost of Goods SoldGross profit on salesOperating expensesSelling, General and Administrative ExpensesIncome before income taxesIncome Tax ExpenseNet Income(▶◄►$25931401694220898920X0 x990000 x Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31 is shown below.CRANE DISTRIBUTORSAdjusted Trial BalanceDecember 31CashAccounts ReceivableInventoryPrepaid InsuranceSuppliesDelivery EquipmentAccumulated DepreciationAccounts PayableCommon StockRetained EarningsSales RevenueCost of Goods SoldSalaries ExpenseRent ExpenseSupplies ExpenseUtilities ExpenseDepreciation ExpenseInsurance ExpenseIncome Tax ExpenseTotalsDebit$50,160363,660277,2007,92021,120264,000Credit$115,500231,000330,000138,6002,593,1401,694,220389,400132,00027,72013,20052,80015,84099,000$3,408,240 $3,408,240Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.Note: Do not use negative signs with your answers.CRANE DISTRIBUTORS

Name: Prepare a multi-step income statement for the year ended December 31.
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Description: Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.Note: Do not use negative signs with your answers.CRANE D

The income statement is one of the important financial statement of the business. The net income is…

Business

Accounting

Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement Note: Do not use negative signs with your answers. CRANE DISTRIBUTORS Income Statement For the Year Ended December 31 → Sales Revenue Cost of Goods Sold Gross profit on sales Operating expenses Selling, General and Administrative Expenses Income before income taxes Income Tax Expense Net Income 45 4 ✔ $ 2593140 1694220 898920 x 0 x 99000 0 x

Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement Note: Do not use negative signs with your answers. CRANE DISTRIBUTORS Income Statement For the Year Ended December 31 → Sales Revenue Cost of Goods Sold Gross profit on sales Operating expenses Selling, General and Administrative Expenses Income before income taxes Income Tax Expense Net Income 45 4 ✔ $ 2593140 1694220 898920 x 0 x 99000 0 x

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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