"The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the year ended December 31, 2012: Advertising expense $ 9,000 Rent expense""??office $ 26,400 Cost of goods sold 150,000 Rent expense""??salesperson's car 18,000 Depreciation expense""??computer 4,500 Sales revenue 350,000 Dividend revenue 2,700 Supplies expense""??office 1,300 Income tax expense 30,700 Utilities expense 6,750 Interest expense 1,900 Wages expense""??office 45,600 Assume that Corbin Enterprises classifies all operating expenses into two categories: (1) selling and (2) general and administrative. 1. Prepare a multiple-step income statement for the year ended December 31, 2012. 2. What advantages do you see in this form for the income statement? 3. Compute Corbin's profit margin. 4. Comment on Corbin's profitability. What other factors need to be taken into account to assess Corbin's profitability?"
multiple-step income statement
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