In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data.

Operating expenses		$774,270		Interest revenue		$29,600
Cost of goods sold		1,311,400		Loss on disposal of plant assets		15,810
Interest expense		71,050		Net sales		2,416,300
				Other comprehensive loss		8,900

(a)

Partially correct answer iconYour answer is partially correct.

Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

SHEFFIELD COMPANY Income Statement Choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
Select an opening name for the first part Total ExpensesGross ProfitOther Revenues and GainsOwner's Capital, January 1, 2020Net Income / (Loss)DrawingsExpensesTotal RevenuesNet SalesOther Expenses and LossesOwner's Capital, December 31, 2020Income from Operations				$Enter a dollar amount
Enter an income statement item				Enter a dollar amount
Select a summarizing line for the first part Gross ProfitNet SalesIncome from OperationsOwner's Capital, January 1, 2020Total ExpensesOwner's Capital, December 31, 2020DrawingsOther Revenues and GainsNet Income / (Loss)ExpensesTotal RevenuesOther Expenses and Losses				Enter a total amount for the first part
Enter an income statement item				Enter a dollar amount
Select a summarizing line for the second part DrawingsTotal ExpensesOwner's Capital, December 31, 2020Other Revenues and GainsNet Income / (Loss)Net SalesGross ProfitOther Expenses and LossesTotal RevenuesExpensesIncome from OperationsOwner's Capital, January 1, 2020				Enter a total amount for the second part
Select an opening name for section one DrawingsExpensesNet Income / (Loss)Owner's Capital, January 1, 2020Owner's Capital, December 31, 2020Total ExpensesTotal RevenuesNet SalesGross ProfitIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item		$Enter a dollar amount
Select an opening name for section two DrawingsExpensesNet Income / (Loss)Owner's Capital, January 1, 2020Owner's Capital, December 31, 2020Total ExpensesTotal RevenuesNet SalesGross ProfitIncome from OperationsOther Revenues and GainsOther Expenses and Losses
Enter an income statement item	$Enter a dollar amount
Enter an income statement item	Enter a dollar amount
		Enter a total of the two previous amounts		Enter a total amount for section one
Select a closing name for this statement Income from OperationsDrawingsOwner's Capital, December 31, 2020Net Income / (Loss)Total RevenuesComprehensive Income / (Loss)Total ExpensesOther Comprehensive LossOther Revenues and GainsGross ProfitOther Expenses and LossesOwner's Capital, January 1, 2020ExpensesNet Sales				$Enter a total net income or loss amount

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