How to prepare single-step income statement showing expenses

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Reference no: EM132656278

Marigold Corporation had net sales revenue of $5,820,000 and investment revenue of $229,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows:

Cost of goods sold       $4,650,000

Salaries and wages expense (sales) 368,000

Advertising expense       130,000

Entertainment expense      78,000

Selling expenses 576,000

Salaries and wages expense (administrative) 305,000

Rent expense       110,000

Utilities expense    41,000

Administrative expenses 456,000

Increase in value of company reputation 71,000

Unrealized gain on value of patents 36,000

Interest expense         157,000

Income tax expense 84,000

Question 1: Marigold has 100,000 common shares outstanding throughout the year. How to prepare single-step income statement showing expenses by nature

Reference no: EM132656278

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