Presented below is information extracted from the accounting records of Wolowitz

Question

Presented below is information extracted from the accounting records of Wolowitz Equipment Supplies Co. for fiscal year ended December 31, 2015: Required: Prepare a condensed, multi-step comprehensive income statement for Wolowitz Equipment Supplies Co. for fiscal year ended December 31, 2015 using form on the following page. Be sure to properly complete the heading for the income statement. Enter the proper descriptions and amounts in the spaces provided. Be sure to compute and present the proper profit subtotals. Total the non operating revenues and present as one amount on the line "Other Reveneue."

Explanation / Answer

Net sales 6750 Less:cost of goods sold - 4210 Gross Profit 2540 Less:Operating expense selling expense 370 Administration expense Depreciation and amortization expense 250 General and administration expense 620 Total operating expense 1240 operating income 1300 other Revenue /expense Interest Revenue 20 Rent revenue 20 Other comprhensive Income 30 Interest expense -80 Total other income / expense -10 Income before tax 1290 less:Income tax expense -410 Net income 880

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