Question

In its income statement for the year ended December 31, 2014, Lemere Company reported the following condensed data.
Operating expenses ............ $ 725,000
Cost of goods sold .......... 1,289,000
Interest expense ........... 70,000
Interest revenue ............ $ 28,000
Loss on disposal of plant assets ..... 17,000
Net sales .............. 2,200,000

Instructions
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.



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  • CreatedJanuary 30, 2014
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