Question

In its income statement for the year ended December 31, 2022, Concord Corporation reported the following...

In its income statement for the year ended December 31, 2022, Concord Corporation reported the following condensed data.

Salaries and wages expenses $399,900 Loss on disposal of plant assets $71,810
Cost of goods sold 848,820 Sales revenue 1,900,600
Interest expense 59,640 Income tax expense 21,500
Interest revenue 55,900 Sales discounts 137,600
Depreciation expense 266,600 Utilities expense 94,600

Prepare a multi-step income statement

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Answer-

CONCORD CORPORATION
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2022
PARTICULARS AMOUNT
$
Sales
Sales Revenue 1900600
Less- Sales discounts 137600
Net Sales 1763000
Less- Cost of goods sold 848820
Gross profit 914180
Less- Operating expenses 761100
Salaries & wages expense 399900
Depreciation expense 266600
Utilities expense 94600
Operating income 153080
Non operating items
Interest expenses 59640
Less- Interest revenue 55900 3740
Income before taxes 149340
Less- Income taxes 21500
Income from continuing operations 127840
Extraordinary items
Less- Loss on disposal of plant assets 71810
Net Income 56030
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