Question

The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2,800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances Type here to search 8200 09 e ao TOSHIBA

Answer 1

Income statement

Sales
Sales revenue		743,000
Less:
Sales returns and allowances	- 8,200
Sales discount	- 2,800
		- 11,000
Net sales		732,000
Cost of goods sold		- 276,000
Gross profit		456,000
Operating expenses		- 206,000
Operating income		250,000
Other revenues and gains	20,800
Other expenses and losses	- 2,800
		18,000
Income before income tax		268,000
Income tax expense		- 67,000
Net income		$201,000

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