Multiple-step income statement

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Reference no: EM13973858

Presented below is information related to Emmit Corporation for 2015.

Sales Revenue        

$3,400,000

Rent Revenue

600,000

Interest Revenue

25,000

Gain on Sale of Land

10,000

Loss on Disposal of Equipment

15,000

Loss from Sale of Electronics Division (before tax)

40,000

Cost of Goods Sold

3,100,000

Selling and Administrative Expenses

60,000

Dividend

20,000

Utilities Expenses

40,000

Electronics division is a separately identifiable division of Emmit. Emmit's tax rate is 35%. Prepare a multiple-step income statement for 2015. Include a proper heading (Emmit's fiscal year ends on December 31).

Reference no: EM13973858

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