Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 425,000
Income tax expense $ 55,000
Interest expense 25,000
Cost of goods sold 135,000
Salaries expense 45,000
Advertising expense 35,000
Utilities expense 55,000
Required:
Prepare a multiple-step income statement.

                          Wayman Corporation

                  Multiple-step income statement

Sales                                                              $425,000

Less: Cost of goods sold                              $135,000

Gross Profit                                                    $290,000

Operating Expenses

Salary Expenses                   $45,000

Utility Expenses                    $55,000

Advertising Expenses          $35,000

Total Operating Expenses                             ($135,000)

Net Operating Income                                   $155,000

Other Income and Expenses

Interest expense                                               $25,000

Net Income before Tax                                   $130,000

Income tax expense                                         $55,000

Net Income                                                       $75,000

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