E$4$A$.$ Accounting Connection $$ A single$-$step income statement follows. 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.

Nomar Parra Company

Income Statement

For the Year Ended December $31,2014$

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 $ $107,784$