In its income statement for the year ended 12/31/22, Hickman Company reported the following condensed data:Operating expenses$1,042,000Interest revenue35,000Cost of goods sold1,600,000Loss on disposal of plant assets10,000Interest Expenses68,000Net sales2,850,000(a)Your answer is partially correct.Prepare a multiple-step income statement.HICKMAN COMPANYIncome Statementchoose the accounting periodCorrect answerselect an income statement itemCorrect answer$enter a dollar amount Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerselect a summarizing line for the first partCorrect answerenter a total amount for the first part Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerselect a summarizing line for the second partCorrect answerenter a total amount for the second part Correct answerselect an opening name for section oneCorrect answerenter an income statement itemCorrect answer$enter a dollar amount Correct answerselect an opening name for section twoCorrect answerenter an income statement itemCorrect answer$enter a dollar amount Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerenter a total amount for section two Correct answerenter a total amount for previous two sections Incorrect answerselect a closing name for this statementCorrect answer$enter a total net income or loss amount Correct answer
Question
In its income statement for the year ended 12/31/22, Hickman Company reported the following condensed data:Operating expensesenter a dollar amount Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerselect a summarizing line for the first partCorrect answerenter a total amount for the first part Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerselect a summarizing line for the second partCorrect answerenter a total amount for the second part Correct answerselect an opening name for section oneCorrect answerenter an income statement itemCorrect answerenter a dollar amount Correct answerenter an income statement itemCorrect answerenter a dollar amount Correct answerenter a total amount for section two Correct answerenter a total amount for previous two sections Incorrect answerselect a closing name for this statementCorrect answer$enter a total net income or loss amount Correct answer
Solution
HICKMAN COMPANY Income Statement For the Year Ended 12/31/22
Sales Revenue: Net Sales: $2,850,000
Cost of Goods Sold: $1,600,000
Gross Profit: $1,250,000 (Net Sales - Cost of Goods Sold)
Operating Expenses: $1,042,000
Operating Income: $208,000 (Gross Profit - Operating Expenses)
Other Revenues and Gains: Interest Revenue: $35,000
Other Expenses and Losses: Interest Expense: 10,000
Total Other Expenses and Losses: $78,000 (Interest Expense + Loss on Disposal of Plant Assets)
Net Other Revenues and Gains: -$43,000 (Interest Revenue - Total Other Expenses and Losses)
Net Income: $165,000 (Operating Income + Net Other Revenues and Gains)
Similar Questions
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