Exercise 1 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. 4 Income Statement of Green Company For the year ended December 31, 2022 Revenues: Net sales Interest income Costs and expenses: Cost of goods sold 600,000 10,000 (360,000) Selling expenses (20,000) General and administrative expens (50,000) Interest expense (16,000) Net Income 610,000 (446,000) 164,000 prepare a MULTISTEP INCOME STATEMENT

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