TEST 4 (CH6 &7) ch. Textbook Solutio × Q Acct 326 Test 1 Flashcarcx C | ezto. mh

Question

TEST 4 (CH6 &7) ch. Textbook Solutio × Q Acct 326 Test 1 Flashcarcx C | ezto. mheducation.com/hm.tpx pe WebAdvisor Main MRealtyStore.com: Hoi Raleigh NC 3 Bed Dhttpo/www.tulia.comByson Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense $ 53,000 133,000 33,000 $ 411,000 Income tax expense 23,000 Cost of goods sold 43,000 Advertising expense 53,000 a Utilities expense Required: Prepare a multiple-step income statement WAYMAN CORPORATION

Explanation / Answer

Income statement

sales revenue

411000

-Cost ogf goods sold

133000

Gross profit

278000

-salaries Exp

43000

-Utilities Exp

53000

-Advertisement Exp

33000

EBIT

149000

-Interest Exp

23000

EBT

126000

-Income tax Exp

53000

Net income

73000

Income statement

sales revenue

411000

-Cost ogf goods sold

133000

Gross profit

278000

-salaries Exp

43000

-Utilities Exp

53000

-Advertisement Exp

33000

EBIT

149000

-Interest Exp

23000

EBT

126000

-Income tax Exp

53000

Net income

73000

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