Question

Exercise 5-11 The following selected accounts from the Bridgeport Corp. s general ledger are presented below for the year Advertising expense $44,000 Interest revenue Common stock Cost of goods sold 868,000 Rent revenue Depreciation expense 100,000 Retained earnings Dividends Freight-out 24,000 53,600 19,200 428,000 540,000 6,800 32,800 1,920,000 200,000 Inventory 120,000 Salaries and wages expense 20,000 Sales discounts Income tax expense 56,000 Sales returns and allowances Insurance expense Interest expense 12,000 Sales revenue 56,000 Prepare a multiple-step income statement. BRIDGEPORT CORP. Income Statement December 31, 2017