Single-step income statement into a multiple-step

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Reference no: EM13963452

Convert the following single-step income statement into a multiple-step income statement for the month ended October 31, 2015. Income Statement For the year ended October 31, 2015

Revenues: Sales $522,000

Interest Revenue 3,300 $525,300

Expenses: Cost of Goods Sold 270,600

Depreciation Expense 2,900

Income tax Expense 54,600

Insurance Expense 2,100

Interest Expense 3,700

Rent Expense 4,800

Wage Expense 103,700

Total Expenses: 442,400

Net Income $82,900

Reference no: EM13963452

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