Question

What is the multistep income statement?

NFT Consulting and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
October 31 2017
		Part Adj T/B		October Jes		Trial	Balance	Adj	Jes	Adj T/B
		DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash		$332,218				332,218				332,218
Accounts Receivable		146,800		16,275		163,075				163,075
Allowance for Uncollectible Accounts			$3,689				3,689		4,109		7,798
Supplies		42,600				42,600				42,600
Inventory		2,650		8,200	8,860	1,990			35	1,955
Prepaid Insurance		16,800				16,800				16,800
Land		50,000				50,000				50,000
Building		110,000				110,000				110,000
Accumulated Depr – Building			5,670				5,670				5,670
Computer equipment		52,950				52,950				52,950
Accumulated Depr – Comp Equip			1,750				1,750				1,750
Office Furniture		45,900				45,900				45,900
Accumulated Depr - Office Furniture			890				890				890
Accounts Payable			16,560		8,200		24,760				16,560
Interest Payable			3,200				3,200				3,200
Utilities Payable			8,952				8,952				8,952
Wages Payable			45,800				45,800				45,800
Long term Note Payable			90,000				90,000				90,000
Mortgage Payable			60,000				60,000				60,000
Common Stock			400,000				400,000				400,000
Retained Earnings			126,867				126,867				126,867
Dividends		4,000				4,000				4,000
Service Revenue			365,400				365,400				365,400
Tablet Sales Revenue			222,400		16,275		238,675				238,675
Cost of Goods Sold		154,500		8,860		163,360		35		163,395
Bad Debt Expense								4,109		4,109
Depreciation Expense – Building		1,350				1,350				1,350
Depreciation Expense - Computer Equip		890				890				890
Depreciation Expense - Office Furn		650				650				650
Interest Expense		3560				3,560				3,560
Insurance Expense		38,950				38,950				38,950
Supplies expense		72,860				72,860				72,860
Utilities Expense		75,900				75,900				75,900
Wage Expense		198,600				198,600				198,600
Subtotals
Net Income
TOTALS		$1,351,178	$1,351,178	$33,335	$     33,335	$   1,375,653	$ 1,375,653	$ 4,144.49	$               4,144.49	$    1,379,762.49	$1,371,562

Answer 1

NFT CONSULTING AND SALES INC
Income Statement
For the Period Ended Oct 31, 2017
Sales Revenue
Sales		238,675.00
Cost of Goods Sold		163,395.00
Gross Margin		75,280.00
Other Operating Income
Service Revenue		356,400.00
Less: Selling & Administrative Expenses
Bad Debts Expense	4,109.00
Depreciation Expense - Building	1,350.00
Depreciation Expense - Computer Equip.	890.00
Depreciation Expense - Office Furn	650.00
Insurance Expense	38,950.00
Supplies Expense	72,860.00
Utilities Expense	75,900.00
Wages Expense	198,600.00	393,309.00
Net Operating Income		38,371.00
Other Income & Losses
Interest Expense		3,560.00
Net Income		34,811.00