Preparing the multiple-step income statement


Response to the following problem:

Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt Corporation's income tax rate is 30%.

Prepare Brandt Corporation's multiple-step income statement through income from continuing operations for the current year.

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Financial Accounting: Preparing the multiple-step income statement
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