Information relative to the operations for ProLonge Products follows. Sales $2,900,000 Rent Income 14,000 Cost of Sales
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Question:
Information relative to the operations for ProLonge Products follows.
- Sales $2,900,000
- Rent Income 14,000
- Cost of Sales 2,320,000
- Selling and Administrative Expenses 312,000
- Interest Expense 48,000
- Loss on the Sale of Plant Assets 15,000
- Income Taxes 112,000
- Cash in Bank 752,000
- Accounts Receivable 1,025,000
- Retained Earnings 785,000
- Common shares outstanding 20,000 shares
Required: Prepare in good form a multiple -step income statement for the year 2020 .
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