Solution-Craete a single-step income statement

Craete a single-step income statement

Reference no: EM13548102

In its income statement for the year ended December 31, 2008, Bach Resort & Spa reported the following condensed data.

Administrative expenses	$ 435,000	Selling expenses	$ 490,000
Cost of goods sold	1,289,000	Loss on sale of equipment	10,000
Interest expense	70,000	Net sales	2,342,000
Interest revenue	28,000

Instructions

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.

Reference no: EM13548102

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Craete a single-step income statement

Reference no: EM13548102

Reference no: EM13548102

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