Can you pleas solve this ASAP The following information relates to the Malt & Ka

Question

Can you pleas solve this ASAP

The following information relates to the Malt & Kaileigh Tour Company Limited for the year ended December 31, 2011: Sales for the Year totaled $968,000 Cost of goods sold for the year totaled S424,000 Orating expenses for the year totaled $229,000 Interest expense for the year was $12,000 On July 6, 2011, one or the company's building burned to the ground. The company's loss before any income tax effect was $96,000. The company's income tax rate is 20 percent on all items. Required: Prepare a multiple step income statement for the above company

Explanation / Answer

income statement of Matt & Kaileiigh company

year ended December 31, 2011

sales $968000

less cost of goods sold $424000

less operating expenses $229000

less other losses $96000

EBIT $179000

less interest expenses $12000

PBT(profit before tax) $167000

less income tax $33400

net income $133600

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