Multiple-Step Income Statement Instructions Labels and Amount Descriptions Income Statement Instructions The following income statement contains errors. 1 Sales Curbstone Company Income Statement For the Year Ended August 31, 2015 $8,595,000.00 6,110,000.00 Income Statement Identify the errors by preparing a corrected multiple-step income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. 2 Cost of merchandise sold 3 Income from operations $2,485,000.00 4 Expenses: 5 Selling expenses $800,000.00 2 3 6 Administrative expenses 575,000.00 4 (Label) 7 Delivery expense 425,000.00 5 8 Total expenses 1,800,000.00 6 9 $685,000.00 7 10 Other expense: 11 Interest revenue 12 Gross profit 8 45,000.00 9 $640,000.00 10 (Label) 11 12 Curbstone Company Income Statement (Label)