The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 168,000 Income Tax Expense 18,650 Merchandise Sales (gross revenue) for Cash 246,000 Merchandise Sales (gross revenue) on Credit 43,200 Office Expenses 19,300 Sales Returns and Allowances 7,230 Salaries and Wages Expense 41,400 Required: Prepare a multistep income statement.

Net income = $53,270

Explanation:

                                     Mystery Incorporated

                                        Income statement

                      For the year ended, December 31, 20YY

Particulars                                               amount         amount

revenues:

Merchandise sales revenues (cash):    $246,000

Merchandise sales revenues (credit):  $43,200

Less: Sales Returns and Allowances   $(7,230)

Total sales revenue                                                      $281,970

Less: cost of goods sold                                             $(168,000)

Gross profit                                                                    $113,970

Less operating expenses

Office expenses                                      $19,300

Wages Expense                                       $41,400

Total operating expense                                                $(60,700)

Net income                                                                      $53,270

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