MMT Corporation reports the following income statement items ($ in millions) for the year ended December...

Transcribed Image Text:

MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,155; cost of goods sold, $1,350; selling expense, $170; general and administrative expense, $160; interest expense, $35, and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense) Total other income, net Income before income taxes Net income MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,155; cost of goods sold, $1,350; selling expense, $170; general and administrative expense, $160; interest expense, $35, and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MMT CORPORATION Income Statement For the Year Ended December 31, 2024 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense) Total other income, net Income before income taxes Net income