The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 173,000 Income Tax Expense 20,120 Merchandise Sales (gross revenue) for Cash 256,000 Merchandise Sales (gross revenue) on Credit 45,200 Office Expenses 19,800 Sales Returns and Allowances 7,530 Salaries and Wages Expense 43,400 Required: Prepare a multistep income statement.

The earnings after tax from the multi-step income statement  is $37,350.00  

Explanation:

In preparing the multi-step income statement , I began with revenue(cash and credit) as sales made on account is already earned, hence should be recorded.

Then deducted costs of goods sold from net sales to arrive at gross profit.

I went further to deduct operating expenses to compute earnings before tax.

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