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Construct a 2010 multi-step income statement

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In 2010, Dangerous Dragon Inc, sold 508,459 units of its product at an average price of 20 per unit. The company reported estimated Returns and Allowances in 2010 of 3%of gross revenue. Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2010 at an average cost of 10 per unit. Dangerous Dragon began in 2010 with 85,000 units of its product in inventory(carried at an average cost of 10 per unit). Operating expenses excluding depreciation for Dangerous Dragon, Inc. in 2010 were 1,617,920 and depreciation expense was 153,982. Dangerous Dragon had 10,000,000 in debt outstanding throughout all of 2010. This debt carried an average interest rate of 6%. Finally, Dangerous Dragon's tax rate was 40%. Dangerous Dragon's fiscal year runs from January 1 through December 31. Given this information construct a 2010 multi-step income statement. What did Dangerous Dragon, Inc. record as Net income on its 2010 income statement?

Reference no: EM131833588

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