A single-step income statement appears below. Present the information in a multistep income statement, and indicate what insights can be obtained from the multistep form as opposed to the single-step form.
Pasica Linens Company
Income Statement
For the Year Ended December 31, 20xx
Revenues
Net sales ........................................................ $1,197,132
Interest income ................................................ 5,720
Total revenues .................................................. $1,202,852
Costs and expenses
Cost of goods sold ................................. $777,080
Selling expenses ..................................... 203,740
General and administrative expenses ............. 100,688
Interest expense ...................................... 13,560
Total costs and expenses ...................................................... 1,095,068
Net income ...................................................................... $ 107,784