Bolivia Company gathered the following condensed data for the year ended December 31 2016: $$\begin{array} { l r }
\text { Cost of goods sold } & 760,000 \
\text { Net sales } & 1,400,000 \
\text { Operating expenses } & 277,000 \
\text { Interest expense } & 43,000 \
\text { Dividend revenue } & 40,000 \
\text { Casualy loss from vandalism } & 125,000
\end{array}$$ Instructions
1. Prepare a single-step income statement for the year ended December 31 2016.
2. Prepare a multiple-step income statement for the year ended December 31 2016.

Question

Bolivia Company gathered the following condensed data for the year ended December 31 2016: $$\begin{array} { l r } 
\text { Cost of goods sold } & 760,000 \
\text { Net sales } & 1,400,000 \
\text { Operating expenses } & 277,000 \
\text { Interest expense } & 43,000 \
\text { Dividend revenue } & 40,000 \
\text { Casualy loss from vandalism } & 125,000
\end{array}$$ Instructions
1. Prepare a single-step income statement for the year ended December 31 2016.
2. Prepare a multiple-step income statement for the year ended December 31 2016.

Quizplus · Accepted Answer

The Answer of Bolivia Company gathered the following condensed data for the year ended December 31 2016: $$\begin{array} { l r } 
\text { Cost of goods sold } & 760,000 \
\text { Net sales } & 1,400,000 \
\text { Operating expenses } & 277,000 \
\text { Interest expense } & 43,000 \
\text { Dividend revenue } & 40,000 \
\text { Casualy loss from vandalism } & 125,000
\end{array}$$ Instructions
1. Prepare a single-step income statement for the year ended December 31 2016.
2. Prepare a multiple-step income statement for the year ended December 31 2016.

Bolivia Company Gathered the Following Condensed Data for the Year