In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data. Operating expenses $725,000
Interest revenue $38,000
Cost of goods sold 1,261,000
Loss on disposal of plant assets 22,000
Interest expense 76,000
Net sales 2,204,000
Income tax expense 50,000
Other comprehensive income (net of $1,200 tax) 8,800

Required:
Prepare a multiple-step income statement.

Sheffield Corp.

Multiple-step income statement for the year ended December 31, 2022

Net sales                                                                            $2,204,000

Less Cost of goods sold                                                   ($1,261,000)

Gross Profit                                                                           $943,000

Less Operating Expenses :

Operating expenses                  $725,000                       ($725,000)

Operating Profit                                                                    $218,000

Less Non Operating Expenses :

Interest revenue                         ($38,000)

Loss on disposal of plant assets $22,000

Interest expense                          $76,000

Income tax expense                    $50,000                        ($110,000)

Net Profit                                                                              $108,000

Other Comprehensive Income

Other comprehensive income (net of $1,200 tax)                $8,800

Total Profit and loss and comprehensive income              $116,800

Explanation:

A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.

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