Using the accounts presented in SE 6, prepare a multistep income statement. Data from SE 6 Using

Question:

Using the accounts presented in SE 6, prepare a multistep income statement.

Data from SE 6

Using the following accounts, prepare a single-step income statement at year end, May 31, 2010: Cost of Goods Sold, $840; General Expenses, $450; Income Taxes Expense, $105; Interest Expense, $210; Interest Income, $90; Net Sales, $2,400; Selling Expenses, $555. Ignore earnings per share.