Multiple-Step Income Statement:
Curbstone Company
Income Statement
For the Year Ended August 31, 2019
Sales $8,595,000
Cost of merchandise sold 6,110,000
Income from operations $2,485,000
Expenses:
Selling expenses $800,000
Administrative expenses 575,000
Delivery expense 425,000
Total expenses 1,800,000
$685,000
Other expense:
Interest revenue 45,000
Gross profit $640,000
Required:
1. The income statement above contains errors. Prepare a corrected multi-step income statement.
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