8. Use the information from the following single-step income statement to prepare a multistep income statement in proper form.

Midway Industries
Income Statement
For the Year Ended December 31, 20x5
Revenues
	Net sales	$10,000
	Interest income	300
	Total revenues			$10,300
Costs and expenses
	Costs of goods sold	$ 5,000
	Selling expenses	3,000
	General and administrative expenses	1,800
	Interest expense	800
	Total costs and expense		10,600
Net income (loss)			($ 300)

ANS:

Midway Industries
Income Statement
For the Year Ended December 31, 20x5
Net sales				$
Costs of goods sold
Gross margin				$
Operating expenses
	Selling expenses	$
	General and administrative expenses
	Total operating expenses
Income from operations					$
Other revenues and expenses
	Interest income	$
	Less interest expense
	Excess of other expenses over other revenues
Net income (loss)				$