Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following…
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Question “Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following…”
Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $265,000 103,000 53,000 43,000 Income tax expense Cost of goods sold Administrative expenses $ 23,000 183,000 33,000
Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
Answer
Sales revenue | 265000 | |
Selling price | 183000 | |
Gross profit | 82000 | |
Selling expenses | 53000 | |
General expenses | 43000 | |
Administrative expenses | 33000 | |
Operating expenses | 129000 | |
Operating income (loss). | (47000) | |
Non-operating revenue | 103000 | |
Before income tax, income | 56000 | |
Income tax expense | 23000 | |
Net income | 33000 |
Conclusion
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