Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income
On December 31, 2016, Opgenorth Company listed the following items in its adjusted trial balance:
Loss from fire (pretax) $8,000 General and administrative expenses $17,000
Interest revenue 2,500 Sales 160,000
Selling expenses 14,000 Unrealized decrease in fair value of
Cost of goods sold 95,000 available-for-sale securitie 1,800
Loss on sale of equipment (pretax) 2,000
Additional data:
Seven thousand shares of common stock have been outstanding the entire year.
The income tax rate is 30% on all items of income.
Required:
Prepare a 2016 multiple-step income statement. Disregard EPS disclosure.