Prepare income statement in a multiple step format

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Reference no: EM13147037

Quartz Co. sells home furniture had the following account balances:

Sales $ 120,000
Cost of goods sold 60,000
Income from disposal of old machine 1,200
Salary expense 10,000
Depreciation expense 20,000
Income from financial investment 4,000
Utilities expense 8,000
Rental revenue 20,000
Interest expense 12,000
Loss of closing shops 11,000
Advertising expense 13,000

Required: Prepare income statement in a multiple step format.

Reference no: EM13147037

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