Prepare a mulitple step income statement applying generally accepted acounting principles The income tax rate is 2 5 Exercise 4 5 (Algo) Income statement presentation L04 1 The following single step income statement was prepared by the accountant of the Axel Corporation AXEL CORPORATION Income Statement For the Year Ended December 31, Revenues and gains Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income 2024 750,000 48,000 95,000 893,000 405 , 75,000 95,000 32,000 71,000 53,750 731,750 161,250

Question

Prepare a mulitple   step income statement applying generally accepted acounting principles  The income tax rate is 2 5     Exercise 4 5 (Algo) Income statement presentation  L04 1  The following single step income statement was prepared by the accountant of the Axel Corporation  AXEL CORPORATION Income Statement For the Year Ended December 31, Revenues and gains  Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses  Cost of goods sold Selling expense Administrative expense Interest expense Restructuring costs Income tax expense Total expenses and losses Net Income 2024 750,000 48,000 95,000 893,000 405 , 75,000 95,000 32,000 71,000 53,750 731,750 161,250

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Question

Prepare a mulitple - step income statement applying generally accepted acounting principles. The income tax rate is 2 5 % . Exercise 4-5 (Algo) Income