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Exercise 5-4 Multistep Income Statement A single-step income statement follows. Nomar Parra Company Income Statement For the Year Ended December 31,...
Exercise 5-4
Multistep Income Statement
A single-step income statement follows.
Nomar Parra CompanyIncome StatementFor the Year Ended December 31, 2014Revenues: Net sales$1,197,132 Interest income5,720 Total revenues$1,202,852Costs and expenses: Cost of goods sold$777,080 Selling expenses203,740 General and administrative expenses100,688 Interest expense13,560 Total costs and expenses1,095,068Income before income taxes$ 107,784Income tax expense11,640Net income$ 96,144
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Nomar Parra Company
Income Statement
For the Year Ended December 31, 2014
