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The following trial balance extract is obtained from the books of Kristo Massi a wholesale trading company at the end of the year ending December
The following trial balance extract is obtained from the books of Kristo Massi a wholesale trading company at the end of the year ending December 31, 2022 Sales Cost of goods sold Depreciation expenses Selling and administration expenses Loss from a discontinued operation Restructuring expenses The following other information is also given to you: A B 12,350,000 5,800,000 240,000 3,000,000 100,000 2,000,000 The company had 200,000 shares of outstanding common stock of $2 par. The estimated income tax rate is to be calculated at 40% REQUIRED: Prepare a Multi Step income statement from the above information in good order and proper form. [15 points]
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