Question

In its income statement for the year ended December 31, 2019, Larkspur, Inc. reported the following...

In its income statement for the year ended December 31, 2019, Larkspur, Inc. reported the following condensed data.
Prepare a multiple-step income statement.

Operating expenses $ 748,970 Interest revenue $ 30,060
Cost of goods sold 1,348,800 Loss on disposal of plant assets 18,640
Interest expense 74,260 Net sales 2,409,600
Other comprehensive income 6,720

Homework Answers

Answer #1

Answer-

LARKSPUR INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31,2014
PARTICULARS AMOUNT AMOUNT
$ $
Sales 2409600
Less- Cost of goods sold 1348800
Gross profit 1060800
Less- Operating expenses 748970
Income from operations 311830
Other revenues and gains
Interest revenue 30060
Other comprehensive income 6720 36780
Other expenses and losses
Interest expense 74260
Loss on disposal of plant assets 18640 -92900
Net Income 255710
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