In its income statement for the year ended december 31, 2022, concord corporation reported the following condensed data. operating expenses $ 712,000 interest revenue $ 26,000 cost of goods sold 1,249,000 loss on disposal of plant assets 10,000 interest expense 64,000 net sales 2,193,000 income tax expense 37,000 other comprehensive income (net of $1,200 tax) 7,600 prepare a multiple-step income statement.

2022         Concord Corporation

$ 2,193,000Sales

$ 2,193,000Net Sales Revenues

-$ 1,249,000Cost of goods sold

$ 944,000Gross PROFIT

-$ 712,000Operating EXPENSES

-$ 712,000Operating EXPENSES

$ 232,000Operating INCOME

-$ 10,000Loss on disposal of plant assets

-$ 64,000Interest Expenses

$ 26,000Interest Revenue

-$ 48,000NonOperating EXPENSES

$ 184,000NET INCOME AFTER TAXES

$ 184,000Net INCOME

$ 7,600    Other comprehensive income

$ 191,600Net INCOME

Explanation:

In the multistep income it's possible to segregate the operative expenses and  revenues of the non operative, it also shows the gross profit, which is  

the Net Sales Revenues less the Costo of Goods Sold.  

First it's shown the Gross Profit, then substracted the operating expenses  

to arrive at operating income.

Finally with the non operating movements we have the net Income After Taxes   and with the taxes expenses we have the Net Income of the company.

Smith put forth the notion of the invisible hand in arguing that free individuals operating in a free economy, making decisions that are primarily focused on their self-interest logically take actions that benefit society as a whole, even though such beneficial results were not the specific focus or intent of those ...

Explanation: