practice questions

Use the following single-step income statement to answer the question(s) below. Camarillo Company Income Statement For the Year Ended December 31, 20xx Revenues Net Sales $200,000 Interest income 17,500 Total revenues $217,500 Costs and expenses Cost of goods sold $60,000 Selling Expenses 20,000 General and administrative expenses 27,500 Interest expense 12,500 Total costs and expenses 120,000 Net Income $97,500 If the income statement were prepared in a multistep form, gross margin would be 1) $152,500 ( 2) $140,000 ( 3) $127,500 ( 4) $97,500 Question 24 (1 point) Use the following single-step income statement to answer the question(s) below. Camarillo Company Income Statement For the Year Ended December 31, 20xx Revenues Net Sales $200,000 Interest income 17,500 Total revenues $217,500 Costs and expenses Cost of goods sold $60,000 Selling Expenses 20,000 General and administrative expenses 27,500 Interest expense 12,500 Total costs and expenses 120,000 Net Income $97,500 If the income statement were prepared in a multistep form, income from operations would be ( 1) $97,500 ( 2) $92,500 (3) $80,000 (4) $77,500