Using the Single-Step Income Statement for ABC Company Prepare a Multiple-Step

Essay

Using the single-step income statement for ABC Company prepare a multiple-step income statement. ABC Company Income Statement
$\begin{array}{lr}\text { Income }\\\text { Net sales } & \$ 1,750 \\\text { Interest income } & 90 \\& 1,840\\\\\text { Cost of goods sold } & 1,000 \\\text { Interest expense } & 70 \\\text { Depreciation expense } & 220 \\\text { Income tax expense } & 70 \\\text { Advertising expense } & 110 \\\text { General and administrative expenses } & 180 \\\hline\text {Net earnings }&\$190\end{array}$