Answer:
<u>Wayman Corporation</u>
<u>Income statement for the year ended December 31, 2018</u>
Amount in $ Amount in $
Sales revenue 432,000
Cost of goods sold <u>(136,000)</u>
Gross profit 296,000
<u>Operating expenses</u>
Salaries expense 46,000
Advertising expense 36,000
Utilities expense 56,000 (138,000)
Operating income 158,000
<u>Non-operating or other</u>
Interest expense (26,000)
Income before income taxes 132,000
Income tax expense <u> (56,000)</u>
Net income <u> </u><u> 76,000</u>
Explanation:
A multiple income statement is one in which incomes and expenses are classified under operating and non-operating heads. Like other forms of income statement, it shows the income and expenses of an entity for a given period of time.
