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Sales Revenue Cost of Goods Sold Gross Profit Less: Selling Expenses Commission Expense Advertising Expense Operating Income Non Operating Income Interest Income Investment Income Income before taxes Income Tax Expense Net Income $ 1,200.00 $ 1,000.00 $ 500.00 $ 780.00 $ 18,225.00 $ 8,000.00 $ 10,225.00 $ 2,200.00 $ 8,025.00 $ 1,280.00 $ 9,305.00 $ (425.00) $ 8,880.00

Sales Revenue Cost of Goods Sold Gross Profit Less: Selling Expenses Commission Expense Advertising Expense Operating Income Non Operating Income Interest Income Investment Income Income before taxes Income Tax Expense Net Income $ 1,200.00 $ 1,000.00 $ 500.00 $ 780.00 $ 18,225.00 $ 8,000.00 $ 10,225.00 $ 2,200.00 $ 8,025.00 $ 1,280.00 $ 9,305.00 $ (425.00) $ 8,880.00

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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Do I need to change anything in this multi-step income statement. I will add the Company name, Income statement, and time period later.

Sales Revenue Cost of Goods Sold Gross Profit Less: Selling Expenses Commission Expense Advertising Expense Operating Income Non Operating Income Interest Income Investment Income Income before taxes Income Tax Expense Net Income $ 1,200.00 $ 1,000.00 $ 500.00 $ 780.00 $ 18,225.00 $ 8,000.00 $10,225.00 $ 2,200.00 $ 8,025.00 $ 1,280.00 $ 9,305.00 $ (425.00) $ 8,880.00
Transcribed Image Text:Sales Revenue Cost of Goods Sold Gross Profit Less: Selling Expenses Commission Expense Advertising Expense Operating Income Non Operating Income Interest Income Investment Income Income before taxes Income Tax Expense Net Income $ 1,200.00 $ 1,000.00 $ 500.00 $ 780.00 $ 18,225.00 $ 8,000.00 $10,225.00 $ 2,200.00 $ 8,025.00 $ 1,280.00 $ 9,305.00 $ (425.00) $ 8,880.00
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