Salaries and wages expenses $ 460 research and development expense $ 114 depreciation expense 90 income tax expense 634 sales revenue 7,030 loss on disposal of plant assets 46 interest expense 161 cost of goods sold 3,400 advertising expense 499 rent expense 105 sales returns and allowances 230 utilities expense 60 assume tax is 35%. prepare a multiple-step income statement.

$ 1,212Net INCOME

Explanation:

       Income Statement

$ 7,030Sales

-$ 230Sales returns and allowances

$ 6,800Net Sales Revenues

-$ 90Depreciation expense

-$ 3,400Cost of goods sold

$ 3,310Gross PROFIT

-$ 499Advertising expense

-$ 114Research and development expense

-$ 460Salaries and Wages Expenses

-$ 105Rent expenses

-$ 60Utilities Expenses

-$ 1,238Operating EXPENSES

$ 2,072Operating INCOME

-$ 46Loss on disposal of plant assets

-$ 161Interest Expenses

-$ 207NonOperating EXPENSES

$ 1,865NET INCOME AFTER TAXES

-$ 653Income Tax Expenses 35%

$ 1,212Net INCOME

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