Prepare a Multiple-step Income Statement

AutoSave OFF Excel Handout Multiple-Step Income Statement.xIs - Compatibility Mode Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Arial v 12 AA = = ab Wrap Text v General Insert v Ex Delete v Ex AP - O. Paste BI U V V v Av E Merge & Center v $ ~ % " $08 08 Conditional Format Cell Sort & Ideas Sensitivity Formatting as Table Styles Format v Find & Filter Select A8 x v fx Restructure Costs A B C D E F G H I J K L M N O W N H ABC Corporation December 31, 2019 Account Title Debit Credit 5 Sales revenue 2,480,000 6 Interest revenue 35,000 7 Dividend revenue 15,000 8 Restructure Costs 750,000 9 Rent expense 150,000 10 Cost of Goods Sold 992,000 11 Interest expense 10,000 12 Sales Commissions 5,000 3 Salaries expense 25,000 14 Marketing /Selling expense 110,000 15 Depreciation expense 50,000 16 Gain on the sale of equipment 9,000 17 Impairment of Goodwill 12,000 18 Loss from write-off of inventories 4,000 19 Loss from major earthquake damage (both unusual and infrequent) 112,500 20 21 Unrealized Gain on Securities Held for Resale 5,000 22 Loss on Foreign Currency Translation 1,000 3 Tax Rate 40% 25 Income from Discontinuing Operations is $95,000 95,000 LI 6 Loss on disposal of Discontinued Operation is $150,000 (150,000) 28 Error in Depreciation Expense for 2009 - understated by $25,000 29 0 200,000 shares of common stock were outstanding throughout the year 31 32 Prepare a Multiple-Step Income Statement 33 34 35 36 Practice 1 Practice 2 + Ready + 113%