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  3. multiple-step income statement. shown below is rev

Multiple-step income statement. Shown below is revenue, expense, gain, and loss information for AAA Corporation...

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Question

Accounting

Multiple-step income statement.

Shown below is revenue, expense, gain, and loss information for AAA Corporation for 2019.

Administrative expense 215,000

Cost of merchandise sold 408,500

Interest expense 13,000

Dividend revenue 19,500

Pre-tax loss on disposal of a component of the business 30,000

Loss from write-down of inventory 70,000

Sales revenue 945,000

Selling expenses 145,000

Instructions

Prepare a multiple-step income statement, in proper form for 2019 for AAA Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). AAA Corporation has 75,000 shares of common stock outstanding and has a 20% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.

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