For this assignment, students will prepare a Multi-Step Income Statement based upon the example on Exhibit 9-7 on page 338 in the textbook. Using a Word document or Excel spreadsheet, create a Multi-Step Income Statement from the data on the Sample Single-Step Income Statement.

example:Net Sales, Cost of goods sold, Gross Profit, Selling, general,and administrative expenses, Income from operations, other income(expense): Interest expense, other income, net , Income before taxes, Provision for income taxes, Net Income, Basic earning per share of common stock.

Sample Products Co. Income Statement For the Five Months Ended May 31, 2017 Revenues & Gains Sales revenues $100.000 Interest revenues 5.000 Gain on sales of assets 3.000 Total revenue & gains 108 000 Expenses & Losses Cost of goods sold 75.000 Commissions expense 5,000 Office supplies expense 3,500 Office equipment expense 2.500 Advertising expense 2.000 Interest expense 500 Loss from lawsuit 1,500 Total expenses & losses 90.000 Net Income $ 18,000