Hello -

I am working on an accounting problem preparing a multi-step income statement. I believe I am 95% correct on the assignment; however for some reason I think the net income on row 32 should be equal to $105,000 vs. the answer I came up with of $103,500 on the income statement. I cannot see where I have made an error after going over my work several times. I am seeing assistance in validating my formulas and income statement are accurate or pinpointing the problem.

Name: Andrew Tisoskey Section :ACC/290 - Preparing a Multiple-Step Income Statement Date: Due 2/6/17 Problem 5-5A Simon Company SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales revenue Less: Sales returns and allowances Freight Out Net Sales Cost of goods sold Gross Profit Operating expenses Salaries and wages expense Advertising expense Rent Expense Utilities expense Depreciation expense Total operating expenses Income from operations Other revenues and gains Sales Discounts Rent Revenues Other expenses and losses Interest expense Dividends expense Income before income taxes Income tax expense Net Income $ $ $ $ $ $ $ $ 911,000 28,000 33,000 $ $ $ $ 61,000 850,000 555,000 317,000 106,000 13,000 18,000 12,000 10,000 $ $ 159,000 158,000 $ $ 18,000 4,000 $ 22,000 $ $ 2,000 18,000 $ $ $ $ 20,000 138,000 34,500 103,500 289 289