Exercise 5-4

Multistep Income Statement

A single-step income statement follows.

Nomar Parra CompanyIncome StatementFor the Year Ended December 31, 2014Revenues:Net sales$1,197,132Interest income5,720Total revenues$1,202,852Costs and expenses:Cost of goods sold$777,080Selling expenses203,740General and administrative expenses100,688Interest expense13,560Total costs and expenses1,095,068Income before income taxes$107,784Income tax expense11,640Net income$96,144

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Present the information in a multistep income statement.

Nomar Parra Company

Income Statement

For the Year Ended December 31, 2014

$

Gross margin

$

Operating expenses

$

Total operating expenses

Income from operations

$

Other revenues and expenses:

$

$

$

Exercise 5-4 Multistep Income Statement A single-step income statement follows. Nomar Parra Company Income Statement For the Year Ended December 31, 2014 Revenues: Net sales $1,197,132 Interest income 5,720 Total revenues Costs and expenses: Cost of goods sold $777,080 Selling expenses 203,740 General and administrative expenses 100,688 Interest expense 13,560 Total costs and expenses $1,202,852 1,095,068 Income before income taxes Income tax expense $ 107,784 11,640 Net income $ 96,144 Hide Present the information in a multistep income statement. Nomar Parra Company Income Statement For the Year Ended December 31, 2014 $ Gross margin $ Operating expenses $ Total operating expenses Income from operations $ Other revenues and expenses: $ $ $