Reference no: EM133090507

Question - The information below relates to the operations of Oriole Corporation, a private company following ASPE, for the year ended December 31, 2020:

Cost of goods sold $338,000

Interest expense 2,390

Sales returns and allowances 8,770

Accounts payable 120,218

Sales discounts 3,672

Depreciation expense 284,340

Sales revenue 982,156

Salaries and wages expense 163,652

Prepaid expenses 3,250

Rent expense 40,300

Loss from fire 8,138

Rental revenue 24,106

Additional information:

The effective tax rate is 20%.

Depreciation expense: 50% administrative expense and 50% selling expense.

Salaries and wages expense: 30% administration expense and 70% selling expense.

Rent expense: 65% administration expense and 35% selling expense.

Required - Prepare a multiple-step income statement in good form by function.