The current year's statement of net income for Tupper TreatsTupper Treats, Inc. is presented below in a single-step format.

Requirement

Prepare a condensed, multiple-step statement of net income for

Tupper Treats Inc. that includes all supporting schedules.

Prepare Tupper Treats condensed, multiple-step income statement. Supporting disclosures will be completed in the next step. (List the subheadings in the order they are typically shown on a multiple-step income statement. Round all amounts to the nearest whole dollar. Use parentheses or a minus sign to enter other expenses.

Tupper Treats, Inc. Income Statement For the Year Ended December 31

Revenues and Gains

Sales

$890,000

Interest Income

425

Dividend Income

920

Gain on Sale of Investment Securities

4,500

Unrealized Gain on Trading Securities

7,200

Total Revenues and Gains

$903,045

Expenses and Losses

Cost of Goods Sold

$61,000

Selling Expenses

50,000

Sales Salaries Expense

32,000

Advertising Expense

20,000

Depreciation Expense-General

2,900

Amortization Expense-General

1,600

Office Salaries Expense

31,000

Office Supplies Expense

41,000

Loss on Asset Impairment

4,600

Legal Fees-General

2,500

Accounting Fees-General

5,500

Interest Expense

6,400

Income Tax Expense at 45%*

290,045

Total Expenses and Losses

(548,545)

Income from Continuing Operations

$354,500

Gain on Discontinued Operations-net of tax

3,025

Net Income

$357,525

*45% x ($903,045-$258,500) = 45% x $644,545 = $290,045

upper Treats, Inc.

Statement of Net Income

For the Year Ended December 31

Less:

Net Income