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hello im trying to figure out to calcutae taxable income and net income for multi-step income statement please provide formulas and show work thank you
hello im trying to figure out to calcutae taxable income and net income for multi-step income statement please provide formulas and show work
thank you for your help
Multi-Step income Statement : Sales Revenue $80,000,000 Less:Sales Return and allowances Net Sales Cost of goods Sold Gross Profit $80,000,000 $48,000,000 $32,000,000 Selling expenses: Sales, salaries and commissions Insurance expense Advertising expense Utilities expense Depreciation expense: equipment Delivery Expense Total selling expense General and administrative expenses: executive and administrative salaries Utilities expense rental expense depreciation expense: building $6,900,000 $2,100,000 $3,000,000 $3,000,000 $300,000 $500,000 $15,800,000 $5,800,000.00 $3,100,000 $600,000 $500,000.00 $10,000,000.00 $25,800,000.00 $6,200,000.00 total general and administrative expenses total operating expenses Operating income (EBIT) Nonoperating items: interest revenue interest expense total other income taxable income income tax expense Net income $200,000 ($1,700,000) ($1,500,000) $1,900,000Step by Step Solution
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