The following information for Lesky Corporation covers the year ended December 31, 2010:
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LESKY CORPORATION |
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Revenue: |
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Revenues from sales |
$362,000 |
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Rental income |
1,000 |
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Interest |
2,400 |
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Total revenue |
365,400 |
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Expenses: |
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Cost of products sold |
$242,000 |
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Selling expenses |
47,000 |
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Administrative and general expenses |
11,400 |
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Interest expense |
2,200 |
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Federal and state income taxes |
20,300 |
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Total expenses |
322,900 |
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Net income |
$42,500 |
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Required Change this statement to a multiple step format, as illustrated in this chapter.