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24 July, 06:19

In its income statement for the year ended December 31, 2019, Sheridan Company reported the following condensed data. Operating expenses $ 759,720 Interest revenue $ 29,970 Cost of goods sold 1,334,200 Loss on disposal of plant assets 15,910 Interest expense 71,270 Net sales 2,416,300 Other comprehensive income 6,920. Prepare a multiple-step income statement. (List other revenues before other expenses.)

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  1. 24 July, 08:39
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    Answer&Explanation:

    Net Income Statment for the Year Ended December 31,2019

    Net sales 2,416,300

    Cost of goods sold (1,334,200)

    Gross Profit 1,082,100 Sales - COGS

    Operating expenses (759,720)

    Operating Income 292,380 Gross Profit - Operating Expenses

    Interest revenue 29,970

    Interest expense (71,270)

    Loss on disposal of plant assets (15,910)

    Other Income (57210)

    Net income 235,170 Operating Income + Other income

    Other comprehensive income 6,920.

    Comprehensive Income 242,090 Net Income - OCI
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