Hightower Inc.

Income Statement
For The Year Ended December 31, 2022

Single Step Format Multi-Step Format

$ $

Revenues:
Sales 50,600 Sales 50,600
Interest income 1,200 CGS 31,300
Total Revenue 51,800 Gross margin 19,300

Expenses: Operating expenses:

CGS 31,300 Salaries expense 8,800
Salaries expense 8,800 Rent expense 2,100
Rent expense 2,100 Depreciation expense 1,500
Depreciation expense 1,500 Insurance expense 700
Insurance expense 700 Total operating exps 13,100
Interest expense 540
Income tax expense 2,000 Operating income 6,200
46,940
Other income/exps.
Misc. Income/exps. 0
Net interest income 660
660

Income before 6,860

income taxes

Income tax expense 2,000

Net Income 4,860 Net income 4,860

(1200-540)