Prepare a multiple-step income statement for Art Center Corp. The company has a tax rate of 25%.
The following information is available for Art Center Corp. for the year ended December 31, 2012.
Other revenues and gains
$ 8,000
Net sales
$442,000
Other expenses and losses
3,000
Operating expenses
187,000
Cost of goods sold
147,000
Prepare a multiple-step income statement for Art Center Corp. The company has a tax rate of 25%.
