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Prepare an income statement

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Reference no: EM132638502

Question - Company XYZ had the following information during 2020:

1. Beginning inventory was $50,000. Purchases of inventory was $120,000. Ending inventory was 35% of beginning inventory at the end of the year.

2. Cash on hand was $325,000.

3. Sales revenue was $225,000.

4. Operating expenses were half of cost of goods sold.

5. Income tax rate was 20%.

Required - Prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and disadvantages of each?

Reference no: EM132638502

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