Answer:
Ayayai Corporation
Income statement for the year end 2017
Net sales of $2,404,500
Interest revenue <u>$37,700 </u>
Total revenue $2,442,200
Cost of goods sold <u>($1,466,900)</u>
Gross Income $975,300
Administrative expenses ($214,700)
Selling expenses ($284,600)
Interest expense <u>($47,200) </u>
Profit before tax $428,800
Tax rate is 30%. <u>($128,640)</u>
Net Income <u>$300,160</u>
Explanation:
Multi-step income statement segregates the operational income and non operation income by calculating the gross income and net income as well. it shows that how much the business is earning from it operations directly and how much it earns after settling all the expenses of the business.
