Prepare a multiple step income statement in good form

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Reference no: EM131960985

Problem

Presented below is information and account balances (in alpha order) related to Rutigliano Corporation at December 31st of the current year, the end of its first year of operations.

Cost of goods sold $ 363,000

Dividends declared and paid 10,000

Income attributable to noncontrolling interest 4,000

Income related to discontinued operations (pretax) 25,000

Interest expense 31,500

Loss on sale of investments 5,000

Sales revenue 536,000

Selling and administrative expenses 110,500

Required: Prepare a multiple step income statement in good form. Assume a 30% tax rate.

Reference no: EM131960985

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