In its income statement for the year ended December 31, 2020, Kingbird, Inc. reported the following condensed data. Operating expenses $736,070 Interest revenue $31,590
Cost of goods sold 1,314,300 Loss on disposal of plant assets 18,990
Interest expense 74,650 Net sales 2,415,700
Other comprehensive income 7,100

Required:
Prepare a multiple-step income statement.

Answer and Explanation:

The preparation of the multiple-step income statement is shown below:

Net Sales $2,415,700

Less: Cost of goods sold $1,314,300

Gross profit $1,101,400

Less: Operating expense -$736070

Operating income$365,330

Other revenue    

Add: Interest revenue $31,590

Other expense    

Interest expense $74,650

Loss on disposal of plant assets $18,990 $93,640-$62,050

Net income $303,280

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