In its income statement for the year ended December 31, 2014, Lemere Company reported the following condensed data.
|
Operating expenses |
$ 725,000 |
Interest revenue |
28,000 |
|
Cost of goods sold |
1,289,000 |
Loss on disposal of plant assets |
17,000 |
|
Interest expense |
70,000 |
Net sales |
2,200,000 |
Instructions
(a) Prepare a multiple step income statement.
(b) Prepare a single step income statement.