Exercise Algo Income statement presentation LO
The following singlestep income statement was prepared by the accountant of the Axel Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December
Revenues and gains:
Sales revenue $
Interest revenue
Gain on sale of investments
Total revenues and gains
Expenses and losses:
Cost of goods sold $
Selling expense
Administrative expense
Interest expense
Restructuring costs
Income tax expense
Total expenses and losses
Net Income $
Required:
Prepare a multiplestep income statement applying generally accepted accounting principles. The income tax rate is
