Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue $ 432,000 Income tax expense $ 56,000 Interest expense 26,000 Cost of goods sold 136,000 Salaries expense 46,000 Advertising expense 36,000 Utilities expense 56,000 Required: Prepare a multiple-step income statement.

                                          Wayman Corporation

         Income statement for the year ended December 31, 2018

                                                 Amount in $              Amount in $

Sales revenue                                                              432,000    

Cost of goods sold                                                      (136,000)

Gross profit                                                                   296,000

Operating expenses

Salaries expense                                   46,000

Advertising expense                             36,000

Utilities expense                                    56,000          (138,000)

Operating income                                                         158,000

Non-operating or other

Interest expense                                                           (26,000)

Income before income taxes                                        132,000

Income tax expense                                                     (56,000)

Net income                                                                      76,000

Explanation:

The multiple income statement is one in which incomes and expenses are grouped under operating and non-operating heads. Like other forms of income statement, it shows the income and expenses of an entity for a given period of time.

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