A single-step income statement appears below. Present the information in a multistep income statement, and tell what insights can be obtained from the multistep form as opposed to the single-step form. E-7

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Revenues Skye Linens Corporation Income Statement For the Year Ended December 31, 20xx Net sales Interest income $598,566 2,860 Total revenues $601,426 Costs and expenses Cost of goods sold $388,540 Selling expenses 101,870 General and administrative expenses 50,344 Interest expense 6,780 Total costs and expenses 547,534 Income before income taxes Income taxes $ 53,892 12,000 Net income Earnings per share $ 41,892 $ 4.19