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Create a multiple step income statement

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Question - Xltra Inc. had the following account balances at December 31, 2021:

Deferred revenue $8,960

Travel and entertainment expense 11,340

Cash received from debt 18,500

Sales revenue 412,860

Repairs and maintenance expense 15,655

Insurance expense 9,400

Advertising expense 48,265

Dividends, paid in cash 15,500

Office supplies expense 6,775

Prepaid expenses 12,565

Sales discounts 22,540

Rent expense 11,000

Payments to suppliers on account 67,844

Income tax expense 33,750

Contributions by owners 24,750

Cost of goods sold 165,000

Collections from customers 69,532

Freight expense 10,065

Sales returns and allowances 15,320

Required - Create a multiple step income statement?

Reference no: EM132872305

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