Answer:
Oakley Company multiple -step income statement for the month of March 2020.
Sales revenue 425,000
Less Sales returns and allowances (11,000)
Net Revenue 414,000
Less Cost of goods sold (254,000
)
Gross Profit 160,000
Less Operating Expenses
Selling And Distribution Expenses :
Sales discounts 8,800
Freight-out 7,500
Administrative Expenses :
Rent expense 36,000
Insurance expense 5,000
Salaries and wages expense 75,000 (132,300)
Operating Income 27,700
Explanation:
A multiple -step income statement shows income derived from Primary Activities of the Company (Operating Activities) separately from the Income that is derived from Secondary Activities of the Company (Non-Operating).
