Posted: April 26th, 2016

What is a multi – step income statement?

Create a multi-step income statement.

After all of the transactions for the year ended December 31, 2012, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Everyday Products Inc.

Dec 2012
ad exp $125,000
COGS $3,650,000
delivery exp $29,000
deprec exp office $26,000
deprec exp store $95,000
dividend rev $3,575
gain on sale of investment $2,225
income from lifecare co investment $65,600
income tax expense $128,500
int exp $19,000
int rev $1,800
misc admin exp $7,500
misc sell exp $13,750
office rent exp $50,000
office salaries exp $165,000
office supplies exp $16,000
sales $5,145,000
sales commissions $182,000
sales salaries exp $365,000
store supplies exp $22,000


Your tutorial is attached and shows a multi-step income statement in “good form” and a subtotal for general and administrative expenses and selling expenses to assist you.

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