X. Bonds Company The following is a single-step income statement for the X. Bond

Question

X. Bonds Company
The following is a single-step income statement for the X. Bonds Company:

Refer to X. Bonds Company. If the income statement were prepared in a multiple-step format, gross profit would be:

a.$260,000.

b.$185,000.

c.$126,000.

d.$240,000.

X. Bonds Company
Income Statement
For the Year Ended December 31, 2016 Revenues: Net Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Income Tax Expense 45,000 Total Expenses 174,000 Net Income $146,000

Explanation / Answer

Gross Profit = Net sales - cogs

= 300,000- 60,000

= 2,40,000

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