Explore BrainMass

Explore BrainMass

    Multiple Step Income Statement for Company B

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Use the appropriate information from the data below to prepare a multiple step income statement for Company B for the year ended Dec 31,2002. Assume an income tax rate of 30%.

    Cost of goods Sold 84,000
    General and administrative expense 20,000
    Net cash provided by financing activities 69,000
    Dividends paid 16,000
    Extraordinary loss from a flood, net of tax 55,000
    Other selling expenses 14,000
    Net sales 228,000
    Interest expense 10,000
    Accounts receivable 33,000.

    © BrainMass Inc. brainmass.com March 4, 2021, 5:39 pm ad1c9bdddf

    Solution Preview

    Please see the attached file.

    Company B
    Multiple Step Income Statement

    Sales 228,000.00
    Cost of goods sold 84,000.00
    Gross profit 144,000.00

    Operating ...

    Solution Summary

    In the attached Excel worksheet, the multiple step income statement for Company B is presented in good form.