Sample Multiple-Step Income Statement
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1Sample Multiple-Step Income Statement
ABC Company
Income Statement
For the Year Ended December 31, 2009
Sales
$
1,480,000
Cost of goods sold
600,000
Gross profit
880,000
Operating expenses:
Selling
100,000
Administrative
220,000
Total operating expenses
320,000
Income from operations
560,000
Other revenue and (expense):
Interest revenue
35,000
Interest expense
(15,000)
Dividend revenue
15,000
Infrequent or unusual gains
9,000
Infrequent or unusual losses
(4,000)
Total other revenue and expense
40,000
Income before income taxes
600,000
Income taxes
208,000
Income from continuing operations
392,000
Discontinue operations:
Income from operations, less income tax of $24,800
54,000
Loss on disposal, less income tax of $41,000
(90,000)
Total discontinued operations
(36,000)
Income before extraordinary item
356,000
Extraordinary item, less income tax of $23,000
(45,000)
Net income
$
311,000
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