Use the Information from the Following Single-Step Income Statement to Prepare

question 37

Essay

Use the information from the following single-step income statement to prepare a condensed multistep income statement in proper form.
$\begin{array}{c} \text {Midway Industries}\\ \text {Income Statement}\\ \text {For the Year Ended December 31, 2010}\\\begin{array}{llr} \text {Net sales } &&\$10,000\\ \text {Costs of goods sold } &&5,000\\ \text {Gross margin } &&\$5,000\\ \text { Operating expenses } &\\ \text { Selling expenses } &\$3,000\\ \text { General and administrative expenses } &1,800\\ \text { Total operating expenses} &&4,800\\ \text {Income from operations } &&\$200\\ \text { Other revenues and expenses } &\\ \text { Interest income } &\$300\\ \text { Less interest expense} &800\\ \text {Excess of other expenses over other revenues } &&500\\ \text { Net (loss) } &&(\$300)\\\end{array}\end{array}$

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Definitions:

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