APPLY THE CONCEPTS: Prepare a multiple-step income statement

Foegler Company is a car parts manufacturer. Up until 20Y8, Foegler has prepared its income statement using the single-step format. Management has made the decision to begin using the multiple-step format for its income statement. The revenues and expenses for Foegler Company are presented below.

Foegler Co. Income Statement For the Year Ending December 31, 20Y8 Revenues: Sales $100,000 Interest revenue 1,500 Total revenues $101,500 Expenses: Cost of goods sold Depreciation expense Utilities expense Wages expense Interest expense $36,000 10,800 9,900 9,300 Total expenses Net income $32,000 Foegler Co. Income Statement For the Year Ending December 31, 20Y8 Op erating Expenses Total operating expenses Other revenue and expenses: Excess of other expenses over other revenues