Multi-step income statements

The following information is available for Partin Company:

Sales $598,000

Sales Returns and Allowances 20,000

Cost of Goods Sold 398,000

Selling Expense 69,000

Administrative Expense 25,000

Interest Expense 19,000

Interest Revenue 20,000

Instructions

1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.

2. Compute the profit margin ratio and return on assets ratio. Partin Company's assets at the beginning of the year were $770,000 and were $830,000 at the end of the year

Solution Summary

Response provides steps to compute multi-step income statements