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.
Please see the attached file.
Multiple Step Income Statement
Cost of goods sold 84,000.00
Gross profit 144,000.00
In the attached Excel worksheet, the multiple step income statement for Company B is presented in good form.