Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

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Reference no: EM131761270

Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2015.

Operating expenses	$1,000
Sales revenue	5,000
Finished goods inventory, Jan. 1, 2015	1,500
Purchases	1,200
Interest revenue	100
Extraordinary loss (pre-tax)	400
Finished goods inventory, Dec. 31, 2015 Income Tax Expense	? 642

Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2015 was $0.61. The income tax rate is 30%.
Required:

a. Prepare a multiple-step income statement.

Reference no: EM131761270

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Prepare a multiple-step income statement

Reference no: EM131761270

Reference no: EM131761270

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