P4 - o P4-2 Federal and state income taxes 20,300 Total...

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o P4-2 Federal and state income taxes 20,300 Total expenses 322,900 Net income $ 42,500 Required Change this statement to a multiple-step format, Solution: Computation of the statement to a multiple- step format LESKY CORPORATION Income Statement For the Year Ended December 31, 2010 Particulars Amount Amount Revenues from sales $ 362,000 Cost of products sold $ 242,000 Gross income $ 120,000 Operating Expenses Selling expenses $ 47,000 Administrative and general expenses
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Unformatted text preview: Selling expenses $ 47,000 Administrative and general expenses $ 11,400 $ (58,400) Operating Income $ 61,600 Other income Rental income $ 1,000 interest income $ 2,400 $ 3,400 Earning Before interest and Tax $ 65,000 Less: Interest Expenses $ (2,200) Earning Before Tax $ 62,800 Less: Tax $ (20,300) Net income $ 42,500 o o P4-16 o A. 2 o B. 2 o C. 2 o D. 4 o E. 3 o F. 1 o G. 2 o H. 5 o P4-17 o A. 2 o B. 4 o C. 5 o D. 1 o E. 2 o F. 2 o G. 3 o H. 2 o I. 5...
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  • Spring '12
  • ?
  • Revenue, Net Income, Generally Accepted Accounting Principles, income Rental income

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