The following data for the current year ended December 31, 2016, was extracted from the accounting records of Xender Co.: Cost of merchandise sold $937,200 Operating expenses 307,500 Sales 1,230,250 Prepare a multiple-step income statement for the year ended December 31, 2016. Xender Co. Income Statement For the Year Ended December 31, 2016

income statement are given below

Explanation:

given data

Cost of merchandise sold =  $937,200

Operating expenses = 307,500

Sales = 1,230,250

solution

income statement are as

Income Statement for the year ended December 31, 2016

Sales                                                                      $1,230,250

Cost of Merchandise Sold                                    $937,200

Gross Profit                                                            $293050

Operating expenses                                              $307,500

net income                                                             -$14450                                                        

here Gross Profit is Sales  - Cost of Merchandise Sold  

Gross Profit  = $1,230,250 - $937,200 = $293050

and

net income  = Gross Profit - Operating expenses        

net income   = $293050 - $307,500 = -$14450    

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