Salaries and wages expenses 697500 Loss on disposal of plant

Salaries and wages expenses $697,500

Loss on disposal of plant assets $125,250

Cost of goods sold 1,480,500

Sales Revenue 3,315,000

Interest expense 106,500

Income Tax Expense 37,500

Interest revenue 97,500

Sales discounts 240,000

Depreciation Expense 465,000

Utilities expense 165,000

This is the income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data.

Prepare a multiple-step income statement. (List other revenues before other expenses.)

Salaries and wages expenses $697,500	Loss on disposal of plant assets $125,250
Cost of goods sold 1,480,500	Sales Revenue 3,315,000
Interest expense 106,500	Income Tax Expense 37,500
Interest revenue 97,500	Sales discounts 240,000
Depreciation Expense 465,000	Utilities expense 165,000

Prepare a multiple-step income statement.

Sales		3315000
Less: Sales discount		(240000)
Net Sales		3075000
Less: Cost of goods sold		(1480500)
Gross profit		1594500
Less: Operating expenses
Salaries and wages expenses	(697500)
Depreciation Expense	(465000)
Utilities expense	(165000)
Total operating expenses		(1327500)
Income from operation		267000
Non operating and other
Other revenue
Interest revenue		97500
Other expenses
Interest expenses	(106500)
Loss on disposal of plant assets	(125250)	(231750)
Income before tax		132750
Less: Income tax		(37500)
Net income		95250