Copy Company Income Statement For the Year Ended December 31, 2017 Revenues Net

Question

Copy Company

Income Statement
For the Year Ended December 31, 2017

Revenues
     Net Sales              $200,000
     Interest Income     17,500
     Total Revenues                       $217,500
Expenses
     Cost of Goods Sold       $ 50,000
     Operating Expenses        47,500
     Interest Expense             12,500
     Income Tax Expense     39,000
     Total Expenses   149,000
Net Income                                         $ 68,500

If the income statement above were prepared in a multiple-step format, how much would operating profit (operating income) be?

$90,000

$70,000

Explanation / Answer

Multiple Income statement net sales $200,000 Less: Cost of good sold 50000 Gross profit $150,000 less: operating expenses 47500 Operating income $102,500 Option C $102500 is correct If any doubt please comment. If satisfied you can rate

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