Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement.
|
Net sales
|
$1,840,000
|
|
Gain on sale of equipment
|
15,000
|
|
Interest income
|
13,000
|
|
Costs and expenses:
|
1,868,000
|
|
Cost of goods sold
|
1,072,000
|
|
Selling expenses
|
270,000
|
|
General and admin. expenses
|
155,000
|
|
Depreciation
|
24,000
|
|
Equity losses
|
9,000
|
|
Interest expense
|
16,000
|
|
Income tax expense
|
96,000
|
|
Net income
|
$ 226,000
|