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E4A. Accounting Connection A single-step income statement follows. Present the information in...

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Accounting

E4A. Accounting Connection A single-step income statement follows. Present the
information in a multistep income statement, and indicate what insights can be obtained
from the multistep form as opposed to the single-step form.
Nomar Parra Company
Income Statement
For the Year Ended December 31,2014
Revenues:
Net sales $1,197,132
Interest income 5,720
Total revenues $1,202,852
Costs and expenses:
Cost of goods sold $777,080
Selling expenses 203,740
General and administrative expenses 100,688
Interest expense 13,560
Total costs and expenses 1,095,068
Net income $ 107,784

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