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The trial balance of Lakewood Inc. included the following accounts as of December 31, 2011.
The trial balance of Lakewood Inc. included the following accounts as of December 31, 2011.Debits CreditsSales Revenue 1,800,000Interest Revenue 80,000Gain on sale of investments (infrequent but not unusual item) 50,000Loss on expropriated foreign assets (event is unusual,infrequent and material) 300,000Cost of Goods Sold 1,100,000Salaries and Wages 220,000Write-off of obsolete equipment 30,000Depreciation Expense 150,000Interest Expense 40,000Marketing and administrative expenses 50,000Lakewood Inc. had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.Required: Prepare a multiple-step income statement in proper form.
