Reference no: EM132858686

Question - Income statement information for ying-wai corporation for the year September 31, 2020 follows:

Administrative expenses:

Officers' salaries $39000

Amortization expenses-building $28500

Office supplies expense $9500

Inventory (ending) $137000

Fold damage $50000

Purchases $600000

Sales $930000

Transportation-in $14000

Purchase discounts $10000

Inventory (beginning) $120000

Sales returns and allowances $15000

Selling expenses:

Sales salaries $71000

Amortization expense-store equipment $18000

Store supplies expense $9000

In addition, the corporation has other revenue from dividends received of $20000 and other interest expense on notes payable of $9000. There are 20000 common shares outstanding for the year. The total effective tax rate on all income is 34%.

Required -

a) Calculate the multiple-step income statement for 2020.

b) Calculate a single-step income statement for 2020.