Tisdale Incorporated reports the following amount in its December 31, 2021, income statement.

Required:1. Prepare a multiple-step income statement.2. Explain how analyzing the multiple levels of profitability can help in understanding the future profit-generating potential of Tisdale Incorporated.

Transcribed Image Text:

$ 30,000 $300,000 Income tax expense Sales revenue Cost of goods sold 190,000 Nonoperating revenue Selling expenses General expenses 110,000 Administrative expenses 60,000 40,000 50,000