Current attempt in progress the following selected accounts from the sheridan company’s general ledger are presented below for the year ended december 31, 2022: advertising expense $ 47,000 interest revenue $ 25,000 common stock 242,000 inventory 59,000 cost of goods sold 1,077,000 rent revenue 24,000 depreciation expense 117,000 retained earnings 527,000 dividends 142,000 salaries and wages expense 667,000 freight-out 17,000 sales discounts 8,100 income tax expense 62,000 sales returns and allowances 36,000 insurance expense 15,000 sales revenue 2,392,000 interest expense 62,000 prepare a multiple-step income statement. sheridan company income statement

2022Income Statement

$ 2,392,000Sales

-$ 8,100  Sales Discounts

-$ 36,000Sales returns and allowances

$ 2,347,900Net Sales Revenues

-$ 117,000Depreciation expense

-$ 1,077,000Cost of goods sold

-$ 1,194,000Cost of goods sold

$ 1,153,900Gross PROFIT

-$ 47,000Advertising expense

-$ 667,000Salaries and Wages Expenses

-$ 17,000Freight out expenses

-$ 731,000Operating Expenses

$ 422,900INCOME FROM OPERATIONS

$ 24,000Rent Revenue

$ 25,000Interest Revenue

$ 49,000Other Revenues and Gains:

-$ 62,000Interest Expenses

-$ 15,000Insurance Expenses

-$ 77,000Other expenses and Loss

$ 394,900NET INCOME AFTER TAXES

-$ 62,000Income Tax Expenses

$ 332,900Net INCOME

Explanation:

In the multistep income it's possible to segregate the operative expenses and  revenues of the non operative, it also shows the gross profit, which is  

the Net Sales Revenues less the Cost of Goods Sold.  

First it's shown the Gross Profit, then substracted the operating expenses  

to arrive at operating income.

Finally with the non operating movements we have the net Income After Taxes  and with the taxes expenses we have the Net Income of the company.

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