The Following Is a Single-Step Income Statement for the X

question 77

Multiple Choice

The following is a single-step income statement for the X.Bonds Company: $$\begin{array} { c } \text { X. Bonds Company } \\\text { Income Statement } \\\text { For the Year Ended December 31, 2016 }\\\begin{array} { | l | r | r | } \hline \text { Revenues: } & & \\\hline \text { Net Sales } & \$ 300,000 & \\\hline \text { Interest Income } & 20,000 & \\\hline \text { Total Revenues } & & \$ 320,000 \\\hline \text { Expenses: } & & \\\hline \text { Cost of Goods Sold } & \$ 60,000 & \\\hline \text { Selling Expenses } & 25,000 & \\\hline \text { General and Administrative Expenses } & 30,000 & \\\hline \text { Interest Expense } & 14,000 & \\\hline \text { Income Tax Expense } & \underline { 45,000 } & \\\hline \text { Total Expenses } & & \underline { 174,000 } \\\hline \text { Net Income } & & \underline {\$146,000} \\\hline\end{array}\end{array}$$ ?
Refer to X.Bonds Company.If the income statement were prepared in a multiple-step format, income from operations would be:

• A) $126,000.
• B) $171,000.
• C) $146,000.
• D) $185,000.

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Definitions:

Deoxyribonucleic Acid

A molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Cytoplasm

The jelly-like substance within a cell that contains the organelles and is enclosed by the cell membrane.

Nuclear Membranes

The double-layered membrane surrounding a cell's nucleus, controlling the passage of substances in and out of the nucleus.

Cytoplasm

The jelly-like substance within a cell, excluding the nucleus, that contains organelles and is the site of most cellular processes.