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Prepare a multiple-step income statement

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Question - Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement.

Net sales $1,840,000

Gain on sale of equipment 15,000

Interest income 13,000

Costs and expenses: 1,868,000

Cost of goods sold 1,072,000

Selling expenses 270,000

General and admin. Expenses 155,000

Depreciation 24,000

Equity losses 9,000

Interest expense 16,000

Income tax expense 96,000

Net income $ 226,000

Reference no: EM131588313

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