X. Bonds Company The following is a single-step income statement for the X. Bond

Question

X. Bonds Company
The following is a single-step income statement for the X. Bonds Company:

Refer to X. Bonds Company. If the income statement were prepared in a multiple-step format, income from operations would be:

a.$126,000.

b.$146,000.

c.$185,000.

d.$171,000.

X. Bonds Company
Income Statement
For the Year Ended December 31, 2016 Revenues: Net Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Income Tax Expense 45,000 Total Expenses 174,000 Net Income $146,000

Explanation / Answer

Net Sales                                                $300,000
- Cost of Goods Sold                              $ 60,000
Gross profit                                               $240000
- Selling Expenses                                   $25,000
- General and Administrative Expenses    $30,000
Operating profit                                          $185000

So correct option is C.

Related Questions

Navigate

• Browse (All)
• Browse X
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.