Solution-Multiple-step income statement

Multiple-step income statement

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Reference no: EM13973858

Presented below is information related to Emmit Corporation for 2015.

Sales Revenue	$3,400,000
Rent Revenue	600,000
Interest Revenue	25,000
Gain on Sale of Land	10,000
Loss on Disposal of Equipment	15,000
Loss from Sale of Electronics Division (before tax)	40,000
Cost of Goods Sold	3,100,000
Selling and Administrative Expenses	60,000
Dividend	20,000
Utilities Expenses	40,000

Electronics division is a separately identifiable division of Emmit. Emmit's tax rate is 35%. Prepare a multiple-step income statement for 2015. Include a proper heading (Emmit's fiscal year ends on December 31).

Reference no: EM13973858

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Multiple-step income statement

Reference no: EM13973858

Reference no: EM13973858

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