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Use the Information from the Following Multistep Income Statement to Prepare

Question 162

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Use the information from the following multistep income statement to prepare a single-step income statement in proper form.
Olga & Daughters, Inc. Income Statement For the Month Ended July 31, 2010 Revenues  Net sales $15,000Dividend income 250 Interest income 350 Total revenues$15,600 Costs and expenses  Cost of goods sold$9,000Selling expenses 1,200 General and administrative expenses 800 Interest expense 150Total costs and expenses 11,150 Income before income taxes$4,450 Income taxes 1,780 Net income $2,670\begin{array}{c} \text {Olga \& Daughters, Inc.}\\ \text { Income Statement }\\ \text {For the Month Ended July 31, 2010}\\\begin{array}{llr} \text { Revenues } &\\ \text { Net sales } &\$15,000\\ \text {Dividend income } &250\\ \text { Interest income } 350&\\ \text { Total revenues} &&\$15,600\\ \text { Costs and expenses } &\\ \text { Cost of goods sold} &\$9,000\\ \text {Selling expenses } &1,200\\ \text { General and administrative expenses } &800\\ \text { Interest expense } &150\\ \text {Total costs and expenses } &&11,150\\ \text { Income before income taxes} &&\$4,450\\ \text { Income taxes } &\\ &\\&&1,780\\ \text { Net income } &&\$2,670\\\end{array}\end{array}

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