Explanation:
The presentation of the multiple - step income statement is presented below
Wayman Corporation
Multiple-step income statement
As on December 31,2021
Sales revenue $355,000
Less: Cost of goods sold -$125,000
Gross profit $230,000
Less: Operating expenses
Salaries expense $35,000
Utilities expense $45,000
Advertising expense $25,000
Total operating expense -$105,000
Operating income $125,000
Less: Interest expense -$15,000
Income before taxes $110,000
Less: Income tax expense -$45,000
Net income $65,000
