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E5-5 (similar to) Income statement The current years statement of net income for Max Mops, Inc. is presented below in a single-step format. EEB (Click the icon to view the income statement.) Requirement Prepare Max Mops income statement using a multiple-step format Max Mops, Inc. Income Statement For the Year Ended December 31 Prepare Max Mops, mumpi-step income statement for the current year, one section at a time. (List parentheses or a minus sign to enter other expenses or a loss) subhead Revenues and Gains $ 890,000 Max Mops, Inc Statement of Net Income For the Year Ended December 31 Interest Income Dividend Income Gain on Sale of Investment Securities Unrealzed Gain on Trading Securities 5,100 Less: Total Revenues and Gains Expenses and Losses Cost of Goods Sold Seling Expenses Sales Salaries Expense Advertising Expense $ 902,745 $ 61,000 2.700 Office Salaries Expense Office Supples Expense Loss on Asset lmpairment 37,000
Total Revenues and Gains Expenses and Losses Cost of Goods Sold Selling Expenses Sales Salaries Expense Advertising Expense Depreciation Expense-General Amortization Expense-General Office Salaries Expense Office Supplies Expense Loss on Asset Impairment Legal Fees-General Accounting Fees-General Interest Expense Income Tax Expense at 30%. $ 902,745 $ 61,000 50,000 26,000 22,000 2,700 2,200 19,000 37,000 5,000 2.700 4,500 7,000 199,094 Total Expenses and Losses Income from Continuing Operations Gain on Discontinued Operations-net of tax Net Income .30% x ($902.745-$239,100)-30% x S663.645-$199,094 (438,194) $ 464,551 3,710 $ 468,261 Print Done
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