Wheel Company Has the Following Balances at December 31,2015 Required:
Prepare a Multiple-Step Income Statement for the Year Ended

Essay

Wheel Company has the following balances at December 31,2015:
$\begin{array}{ll}\text { Retained earnings, December 31, } 2014&\$30,000\\\text { Cost of goods sold } & 56,000 \\\text { Depreciation expense } & 1,450 \\\text { Dividends } & 8,000 \\\text { Income taxexpense } & 2,000 \\\text { Interest expense } & 1,050 \\\text { Rent expense } & 1,700 \\\text { Sales } & 68,000 \\\text { Wage expense } & 6,800\end{array}$
Required:
Prepare a multiple-step income statement for the year ended December 31,2015.