Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2015.
|
Operating expenses
|
$1,000
|
|
Sales revenue
|
5,000
|
|
Finished goods inventory, Jan. 1, 2015
|
1,500
|
|
Purchases
|
1,200
|
|
Interest revenue
|
100
|
|
Extraordinary loss (pre-tax)
|
400
|
|
Finished goods inventory, Dec. 31, 2015
Income Tax Expense
|
?
642
|
Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2015 was $0.61. The income tax rate is 30%.
Required:
a. Prepare a multiple-step income statement.