Shown below is selected information from the Delta Corporation Ledger as of Dece

Question

Shown below is selected information from the Delta Corporation Ledger as of December 31, 2015. All dollar amounts shown are in 000's Required: Prepare a multiple-step income statement for the year ended 12/31/2015 in good form Accounts Payable Accounts Receivable Accumulated Depreciation Additional Contributed Capital Allowance for Doubtful Accounts Bad Debt Expense Bonds Payable 180 340 320 110 34 10 500 376 400 52 26 60 14 39 40 75 64 232 246 Land Loss on disposal of Equipment Mortgage Payable Notes Payable (Long Term) Other Operating Expenses Plant & Equipment Preferred Stock Prepaid Expenses Purchases Retained Earnings, 01/01/2015 Sales Revenue Cost of goods sold Supplies Expense Treasury Stock Unearned Revenue Wages Expense Wages Payable 152 10 34 100 170 1,100 200 76 934 272 1,834 120 24 136 72 286 as Common Stock (40,000 shares) Depreciation Expense Discount on Bonds Payable Dividends Declared Dividends Payable Federal Income Tax Expense Goodwill Interest Expense Interest Income Inventory, 1/01/2015 Inventory, 12/31/2015

Explanation / Answer

DELTA CORPORATION

MULTISTEP INCOME STATEMENT

FOR THE YEAR ENDED 12/31/2015

DELTA CORPORATION

MULTISTEP INCOME STATEMENT

FOR THE YEAR ENDED 12/31/2015

Sales revenue 1834 less:cost of goods sold (120) Gross profit 1714 less:operating expense Bad debt expense 10 Depreciation expense 52 supplies expense 24 wage expense 286 other operating expense 170 Total operating expense (542) Operating income 1172 other Income /(loss) Interest income 64 Interest expense (75) loss on disposal of equipment (10) (21) Income before tax 1151 less:federal income tax expense (39) Net Income 1112

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