Use the Information from the Following Single-Step Income Statement to Prepare

Essay

Use the information from the following single-step income statement to prepare a condensed multistep income statement in proper form.
$\begin{array}{c}\text {Midway Industries }\\\text {Income Statement}\\\text {For the Month Ended December 31, 2010}\\\begin{array}{lr}\text {Revenues}\\\text {Net sales}&\$10,000\\\text {Interest income}&300\\\text {Total revenues}&&\$10,300\\\\\text { Costs of goods sold } & \$ 5,000 \\\text { Selling expenses } & 3,000 \\\text { General and administrative expenses } & 1,800 \\\text { Interest expense } & 800\\\text {Total costs and expense}&&10,600\\\text {Net (loss)}&&(\$300)\end{array}\end{array}$