**Kingbird Corp. Income Statement Preparation**The following data pertains to Kingbird Corp. for the year ending December 31, 2025. This data will be used to prepare a multiple-step income statement. * Other revenues and gains: $22,400* Other expenses and losses: $3,600* Cost of goods sold: $284,000* Sales discounts: $3,600* Sales revenue: $750,000* Operating expenses: $212,000* Sales returns and allowances: $9,600The company is subject to a tax rate of 25%.**Instructions:**Prepare a multiple-step income statement for Kingbird Corp. using the template provided below.**Income Statement Template:**```KINGBIRD CORP.Income StatementFor the Year Ended December 31, 2025Sales Revenue: Sales revenue $750,000 Less: Sales returns and allowances $9,600 Sales discounts $3,600 -------- Net Sales: $736,800Cost of Goods Sold: $284,000 ---------Gross Profit: $452,800Operating Expenses: Operating expenses $212,000 ---------Income from Operations: $240,800Other Revenues and Gains: Other revenues and gains $22,400 ---------Other Expenses and Losses: Other expenses and losses $3,600 ---------Income Before Tax: $259,600Income Tax Expense (25%): $64,900 ---------Net Income: $194,700```Explanation of Terms:- **Sales Revenue**: The total amount generated from selling goods or services.- **Sales Returns and Allowances**: Reduced revenue due to returned goods or allowances granted to customers.- **Sales Discounts**: Reductions in the selling price offered by the company, which decrease the revenue.- **Net Sales**: Total sales adjusted for returns, allowances, and discounts.- **Cost of Goods Sold (COGS)**: Costs directly associated with producing the goods sold by the company.- **Gross Profit**: Net sales minus the cost of goods sold.- **Operating Expenses**: Expenses incurred during normal business operations, excluding costs related to production.- **Income from Operations**: Gross profit less operating expenses. **Preparation of a Multiple-Step Income Statement for Kingbird Corp****KINGBIRD CORP.**Income Statement---### Section Breakdown:1. **First Section (Title and Time Period):** - Title: KINGBIRD CORP. - Subtitle: Income Statement - Time Period Selection Dropdown2. **Revenue Section:** - Description Dropdown for Sales/Revenue - Text Box for entering the Revenue Amount - Text Box for entering the Total Revenue in $3. **Cost of Goods Sold (COGS) Section:** - Description Dropdown for COGS - Text Box for entering the COGS Amount - Text Box for entering the Total COGS in $4. **Gross Profit Calculation:** - Revenue minus COGS - Text Box for entering the Gross Profit in $5. **Operating Expenses Section:** - Dropdowns and text boxes for various operating expenses such as: - Selling Expenses - Administrative Expenses - Depreciation - Any other operational line items - Each expense has a corresponding Text Box for amount entry6. **Total Operating Expenses:** - Text Box for the total of all operating expenses in $7. **Income from Operations:** - Gross Profit minus Total Operating Expenses - Text Box for this amount in $8. **Other Revenues and Gains / Other Expenses and Losses:** - Dropdowns and text boxes for additional income sources such as: - Interest Revenue - Gain on Sale of Assets - Dropdowns and text boxes for additional expenses such as: - Interest Expense - Loss on Sale of Assets9. **Net Income Before Taxes:** - Income from operations plus total other revenue and gains minus other expenses and losses - Text Box for entering Net Income Before Taxes in $10. **Income Tax Expense:** - Calculation based on the company’s tax rate (provided as 25% in this case) - Text Box for entering the tax amount in $11. **Net Income:** - Net Income Before Taxes minus Income Tax Expense - Final Text Box to enter Net Income in $---Through this format, multiple figures are calculated step-by-step to reach the final net income value. The described form structure ensures that users fill in the required figures accurately, while the dropdown options guide users to specify

Name: **Kingbird Corp. Income Statement Preparation**The following data per
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Description: **Kingbird Corp. Income Statement Preparation**The following data pertains to Kingbird Corp. for the year ending December 31, 2025. This data will be used to prepare a multiple-step income statement. * Other revenues and gains: $22,400* Other expens

Business

Accounting

The following information is available for Kingbird Corp. for the year ended December 31, 2025. Other revenues and gains Other expenses and losses Cost of goods sold Sales discounts Sales revenue Operating expenses Sales returns and allowances $22,400 3,600 284,000 3,600 750,000 212,000 9,600 Prepare a multiple-step income statement for Kingbird Corp. The company has a tax rate of 25%. KINGBIRD CORP. Income Statement

The following information is available for Kingbird Corp. for the year ended December 31, 2025. Other revenues and gains Other expenses and losses Cost of goods sold Sales discounts Sales revenue Operating expenses Sales returns and allowances $22,400 3,600 284,000 3,600 750,000 212,000 9,600 Prepare a multiple-step income statement for Kingbird Corp. The company has a tax rate of 25%. KINGBIRD CORP. Income Statement

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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Subject :- Accounting
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