Question

Collections from customers	$78,654
Dividends, paid in cash	13,000
Freight expense	12,865
Payments to suppliers on account	77,596
Sales discounts	17,625
Cost of goods sold	111,848
Insurance expense	5,400
Advertising expense	50,341
Deferred revenue	6,540
Travel and entertainment expense	13,540
Cash received from debt	13,400
Sales revenue	302,550
Repairs and maintenance expense	12,855
Rent expense	15,000
Sales returns and allowances	12,125
Prepaid expenses	14,875
Office supplies expense	4,575
Income tax expense	24,552
Contributions by owners	21,500

create a multi income statement

Answer 1

Multi-step income statement:

Income Statement
Revenues:
Sales revenue	302,550
Sales discounts	-17,625
Sales returns and allowances	-12,125
Net sales		272,800
Operating expenses:
Cost of goods sold	111,848
Freight expense	12,865
Insurance expense	5,400
Advertising expense	50,341
Travel and entertainment expense	13,540
Repairs and maintenance expense	12,855
Rent expense	15,000
Office supplies expense	4,575
Total operating expenses		226,424
Operating income		46,376
Non-operating income (Expenses)		$0
Income before income taxes		$46,376
Income tax expense		24,552
Net income		$21,824