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Sample Multiple-Step Income Statement ABC Company Income Statement For the Year Ended December 31, 2009 Sales 1,480,000 $ Cost of goods sold 600,000 Gross profit 880,000 Operating expenses: Selling 100,000 Administrative 220,000 Total operating expenses 320,000 Income from operations 560,000 Other revenue and (expense): Interest revenue 35,000 Interest expense (15,000) Dividend revenue 15,000 Infrequent or unusual gains 9,000 Infrequent or unusual losses (4,000) Total other revenue and expense 40,000 Income before income taxes 600,000 Income taxes 208,000 Income from continuing operations 392,000 Discontinue operations: Income from operations, less income tax of $24,800 54,000 Loss on disposal, less income tax of $41,000 (90,000) Total discontinued operations (36,000) Income before extraordinary item and cumulative effect of accounting change 356,000 Extraordinary item, less income tax of $23,000 (45,000) Cumulative effect of accounting change, net of income tax of $30,900 (60,000) Net income 251,000 $ Earnings per common share: Income from continuing operations 3.92 $ Discontinued operations, net of tax (0.36) Income before extraordinary item and cumulative effect 3.56 Extraordinary item, net of tax (0.45) Cumulative effect of accounting change, net of tax (0.60) Net income 2.51 $ Weighted Average Shares outstanding = 100,000
