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In its income statement for the year ended December 31, 2022, Concord Corporation reported the following condensed data. Operating expenses $ 712,000 Interest revenue $ 26,000 Cost of goods sold 1,249,000 Loss on disposal of plant assets 10,000 Interest expense 64,000 Net sales 2,193,000 Income tax expense 37,000 Other comprehensive income (net of $1,200 tax) 7,600 Prepare a multiple-step income statement.

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mltn1980

Answer:

2022         Concord Corporation

$ 2,193,000 Sales

$ 2,193,000 Net Sales Revenues

-$ 1,249,000 Cost of goods sold

$ 944,000 Gross PROFIT

-$ 712,000 Operating EXPENSES

-$ 712,000 Operating EXPENSES

$ 232,000 Operating INCOME

-$ 10,000 Loss on disposal of plant assets

-$ 64,000 Interest Expenses

$ 26,000 Interest Revenue

-$ 48,000 NonOperating EXPENSES

$ 184,000 NET INCOME AFTER TAXES

$ 184,000 Net INCOME

$ 7,600     Other comprehensive income

$ 191,600 Net INCOME

Explanation:

In the multistep income it's possible to segregate the operative expenses and  revenues of the non operative, it also shows the gross profit, which is  

the Net Sales Revenues less the Costo of Goods Sold.  

First it's shown the Gross Profit, then substracted the operating expenses  

to arrive at operating income.

Finally with the non operating movements we have the net Income After Taxes   and with the taxes expenses we have the Net Income of the company.

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