On august 31 2008 the balances of the accounts appearing

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Reference no: EM13614581

On August 31, 2008, the balances of the accounts appearing inthe ledger of The Bent Needle Company, a furniture wholesaler, areas follows:

AdministrativeExpenses $125,000

Building 512,500

Cash 48,500

Cost of MerchandiseSold 700,000

Interest Expense 7,500

CapitalStock 568,580

Dividends 25,000

MerchandiseInventory 130,000

NotesPayable 25,000

OfficeSupplies 10,600

SalariesPayable 3,220

Sales 1,275,000

SalesDiscounts 20,000

Sales Returns andAllowances 80,000

SellingExpenses 205,000

StoreSupplies 7,700

Prepare a multiple-step income statement for the year ended August 31, 2008.
Compare the major advantages and disadvantages of themultiple-step and single-step form of incomestatements.

Reference no: EM13614581

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