Copy Company

Income Statement For the Year Ended December 31, 2017

Revenues Net Sales $200,000 Interest Income 17,500 Total Revenues $217,500 Expenses Cost of Goods Sold $ 50,000 Operating Expenses 47,500 Interest Expense 12,500 Income Tax Expense 39,000 Total Expenses 149,000 Net Income $ 68,500

If the income statement above were prepared in a multiple-step format, how much would operating profit (operating income) be?

$167,500

$150,000

$102,500

$90,000 $70,000