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Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31.
Sales, $755,000; cost of goods sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000.
| Line Item Description | Amount | Amount |
| Administrative expensesPurchasesRent revenueSalesSelling expenses | | $- Select - |
| Administrative expensesCost of goods soldPurchasesRent revenueSelling expenses | | - Select - |
| Gross profit | | $Gross profit |
| Operating expenses: | | |
| Cost of goods soldRent revenueSalesSales returns and allowancesSelling expenses | $- Select - | |
| Administrative expensesInterest expensePurchasesRent revenueSales | - Select - | |
| Total operating expenses | | Total operating expenses |
| Cost of goods soldCost of merchandise purchasedInventory available for saleLoss from operationsOperating income | | $- Select - |
| Other revenue and expense: | | |
| Administrative expensesRent revenueSalesSales returns and allowancesSelling expenses | $- Select - | |
| Cost of goods soldInterest expensePurchase returns and allowancesSales returns and allowancesSelling expenses | - Select - | - Select - |
| Net incomeNet loss | | $- Select - |
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