CALC Exercise 5-8 (Part Level Submission) In its income statement for the year e

Question

CALC Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017, Oriole Com pany reported the following condensed data. Salaries and wages expenses $837,000 Loss on disposal of plant assets Cost of goods sold Interest expense Interest revenue Depreciation expense 150,300 3,978,000 45,000 288,000 198,000 1,776,600 Sales revenue 127,800 117,000 558,000 Income tax expense Sales discounts Utilities expense Prepare a multiple-step income tement. (List other revenues before other expenses.) ORIOLE COMPANY Income Statement dy

Explanation / Answer

ORIOLE COMPANY Income statement for the year ended December 31,2017 Sales Revenue Total Sales $3,978,000.00 Less : Sales Discount -$288,000.00 Net Sales Revenue $3,690,000.00 Less : Cost of goods sold -$1,776,600.00 Gross Profit $1,913,400.00 Less : Operating Expenses Salaries and wages Expenses -$837,000.00 Utilities Expense -$198,000.00 Depreciation Expense -$558,000.00 Total Operating Expense -$1,593,000.00 Operating Income $320,400.00 Other Income and Expenses Interest expense -$127,800.00 Interest Revenue $117,000.00 Loss on disposal of plant assets -$150,300.00 Net Other Income and Expenses -$161,100.00 Profit before tax $159,300.00 Less : Income Tax Expense -$45,000.00 Net Income $114,300.00

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