Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017....
Question:
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky's tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2017.
Prepare a condensed multiple-step income statement for Brisky Corporation.
Multi-Step Income Statement:
The multi-step income statement is a format used by companies to prepare an income statement in which the income is classified into three categories namely gross profit, operating profit, and net profit.
Answer and Explanation: 1
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View this answer| Particulars | Amount | |
|---|---|---|
| Net sales revenue | 2,400,000 | |
| Less: | Cost of goods sold | 1,450,000 |
| Gross profit (A) | 950,000 | |
| Operating expenses: | ||
| Selling... |
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