In its income statement for the year ended December 31, 2019. Anhad Company reported the following condensed data.
| Operating expenses | $725,000 | Interest revenue | $28,000 |
| Cost of goods sold | 1,289,000 | Loss on disposal of plant assets | 17,000 |
| Interest expense | 70,000 | Net sales | 2,200,000 |
Instructions
- Prepare a multiple-step income statement.
- Prepare a single-step income statement.
Solution
a.
Anhad Company
Income Statement (Multi-Step)
For the Year Ended December 31, 2019
Income Statement (Multi-Step)
For the Year Ended December 31, 2019
b.
Anhad Company
Income Statement
For the Year Ended December 31, 2019
Income Statement
For the Year Ended December 31, 2019
