Grubman Inc. had the following account balances as of 12/31/2012. Prepare a multi-step income statement:

CFO salary $4,900

Sales Returns $12,000

Depreciation on office furniture and equipment $3,960

Cost of Goods Sold $63,570

Depreciation on Sales Equipment $500

Insurance Expense $800

Dividend Revenue $1250

Loss from hurricane damage $2,400

Gain on sale of Equipment $4,500

Interest Revenue $17,230

Frieight Out $2,960

Sales commissions $7,980

Sales Revenue $330,000

Loss from disposal of Division X from the company $10,000

Advertising expense $5,000

Loss from operations of Division X $15,000

Grubman has a 30% tax rate.

Answer rating: 100% (QA)

Solution To prepare the multistep income statement for Grubman Inc Sales Revenue Cost of Goods Sold ... View the full answer