Beasley Inc., reports the following amounts in its December 31, 2021, income statement.Sales revenue$300,000Income tax expense$38,000Interest expense12,000Cost of goods sold125,000Salaries expense35,000Advertising expense24,000Utilities expense41,000Prepare a multiple-step income statement.
What will be an ideal response?
| Beasley Inc., |
| Multiple-Step Income Statement |
| For the year ended December 31, 2021 |
| Sales revenue | $300,000 | ? |
| Cost of goods sold | 125,000 | ? |
| Gross profit | ? | $175,000 |
| Salaries Expense | 35,000 | ? |
| Utilities Expense | 41,000 | ? |
| Advertising Expense | 24,000 | ? |
| Total operating expenses | ? | 100,000 |
| Operating income | ? | 75,000 |
| Interest expense | ? | 12,000 |
| Income before income taxes | ? | 63,000 |
| Income tax expense | ? | 38,000 |
| Net income | ? | $25,000 |
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