Answer:
Sheffield Corp.
Multiple-step income statement for the year ended December 31, 2022
Net sales                                       $2,204,000
Less Cost of goods sold                          ($1,261,000)
Gross Profit                                      $943,000
Less Operating Expenses :
Operating expenses          $725,000            ($725,000)
Operating Profit                                   $218,000
Less Non Operating Expenses :
Interest revenue             ($38,000)
Loss on disposal of plant assets $22,000
Interest expense              $76,000
Income tax expense           $50,000             ($110,000)
Net Profit                                        $108,000
Other Comprehensive Income
Other comprehensive income (net of $1,200 tax) Â Â Â Â Â Â Â Â $8,800
Total Profit and loss and comprehensive income        $116,800
Explanation:
A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.
