Reference no: EM132631470
The accountant of Latifa Shoe Co. has piled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017.
Rent revenue $29,000
Interest expense 18,000
Market appreciation on land above cost 31,000
Salaries and wages expense (selling) 114,800
Supplies (selling) 17,600
Income tax 37,400
Salaries and wages expense (administrative) $135,900
Other administrative expenses 51,700
Cost of goods sold 496,000
Net sales 980,000
Depreciation on plant assets (70% selling, 30% administrative) 65,000
Cash dividends declared 16,000
There were 20,000 shares of common stock outstanding during the year.
Instructions
Problem (a) Prepare a multiple-step income statement.
Problem (b) Prepare a single-step income statement.
Problem (c) Which format do you prefer? Discuss.
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