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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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