4. Merchandising Operations / Multi-step Income Statement / Problem 3
Problem 3
A company has net sales of \$900,000, COGS of \$600,000, operating expenses of \$200,000, non-operating revenues of \$30,000, non-operating expenses of \$20,000, and income tax expense of \$40,000. Calculate the net income using the multi-step income statement format.
