Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000. Armstrong Co. Income Statement For the Year Ended December 31 $ Gross profit $ Operating expenses: $ Total operating expenses $ Other revenue and expense: $ $

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Explanation:

                       Armstrong Co.

          Multi-step Income Statement

  For the year ended, December 31, 20YY

Sales                                              $755,000

Less: Cost of merchandise sold   (330,000)

Gross Profit                                                    $425,000

Less: Operating expenses

Administrative expenses  $35,000

Selling expenses               $50,000

Total operating expenses                               $85,000

Income from operation                                 $340,000

Other revenue and expenses:

Rent Revenue                    $25,000

interest expense               ($30,000)

Total other revenues (expenses)                      $(5,000)

Income before taxes                                      $335,000

Less: Income Tax                                                     0

Net Income (loss)                                           $335,000

That is the appropriate way to prepare a multi-step income statement

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being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.