Question

The current​ year's statement of net income for Tupper TreatsTupper Treats​, Inc. is presented below in a​ single-step format.

Requirement

Prepare a​ condensed, multiple-step statement of net income for

Tupper Treats Inc. that includes all supporting schedules.

Prepare Tupper Treats condensed, multiple-step income statement. Supporting disclosures will be completed in the next step. ​(List the subheadings in the order they are typically shown on a​ multiple-step income statement. Round all amounts to the nearest whole dollar. Use parentheses or a minus sign to enter other​ expenses.

Tupper Treats, Inc. Income Statement For the Year Ended December 31

Revenues and Gains

Sales

$890,000

Interest Income

425

Dividend Income

920

Gain on Sale of Investment Securities

4,500

Unrealized Gain on Trading Securities

7,200

Total Revenues and Gains

$903,045

Expenses and Losses

Cost of Goods Sold

$61,000

Selling Expenses

50,000

Sales Salaries Expense

32,000

Advertising Expense

20,000

Depreciation Expense-General

2,900

Amortization Expense-General

1,600

Office Salaries Expense

31,000

Office Supplies Expense

41,000

Loss on Asset Impairment

4,600

Legal Fees-General

2,500

Accounting Fees-General

5,500

Interest Expense

6,400

Income Tax Expense at 45%*

290,045

Total Expenses and Losses

(548,545)

Income from Continuing Operations

$354,500

Gain on Discontinued Operations-net of tax

3,025

Net Income

$357,525

*45% x ($903,045-$258,500) = 45% x $644,545 = $290,045

upper Treats, Inc.

Statement of Net Income

For the Year Ended December 31

Less:

Net Income

Answer 1

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Tupper Treats​, Inc.
Multi Step Income Statement for the year ended December 31.
Particulars	Amount $	Amount $
Sales Revenue	890,000.00
Less: returns and allowances	-
Net Sales		890,000.00
Cost of goods sold		61,000.00
Gross Profit		829,000.00
Selling expense	50,000.00
Sales Salaries Expense	32,000.00
Advertising Expense	20,000.00
Depreciation Expense- General	2,900.00
Amortization Expense- General	1,600.00
Office Salaries Expense	31,000.00
Office Supplies Expense	41,000.00
Legal Fees- General	2,500.00
Accounting Fees- General	5,500.00
Operating Expense		186,500.00
Operating Income		642,500.00
Interest Income	425.00
Dividend Income	920.00
Gain on sale of investment securities	4,500.00
Loss on asset impairment	(4,600.00)
Interest expense	(6,400.00)
Other expense and income		(5,155.00)
Income before tax		637,345.00
Tax expense		290,045.00
Net Income from continuing operations		347,300.00
Gain on Discontinued Operations-net of tax		3,025.00
Net Income		350,325.00
Other Comprehensive Income
Unrealized Gain on trading securities		7,200.00
Total Income		357,525.00