6 Below is the trial balance for Logan Inc for the year ende

6. Below is the trial balance for Logan, Inc. for the year ended December 31, 201X Prepare a multiple-step income statement in good form (proper format). (Check: Net income is greater than $40,000. (6 points)

Solution

PARTICULARS Sub Amount Amount Sales $ 320,000.00 Sales Discount $    (6,000.00) Sales Returns $ (16,500.00) Net Sales $ 297,500.00 Cost of Goods Sold $ 180,000.00 Gross Profit $ 117,500.00 Operating Expenses Selling Expenses $    42,000.00 General Expenses $    19,800.00 $    61,800.00 Non Operating Expenses Interest Cost $          600.00 Net Profit $    55,100.00