Accounting -Exercise 5-8 (Part Level Submission)In its income statement for the year ended

by | Jun 5, 2025 | Business

Exercise 5-8 (Part Level Submission)In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.

Salaries and wages expenses $855,600 Loss on disposal of plant assets $ 153,640
Cost of goods sold 1,816,080 Sales revenue 4,066,400
Interest expense 130,640 Income tax expense 46,000
Interest revenue 119,600 Sales discounts 294,400
Depreciation expenses 570,400 Utilities expense 202,400

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(a)Prepare a multiple-step income statement.(List other revenues before other expenses.)

GAVIN COMPANY
Income Statement
For the Year Ended December 31, 2014
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$
Add Less :
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $

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