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The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007.
Rental revenue
$29,000
Interest on notes payable
18,000
Market appreciation on land above cost
31,000
Wages and salaries-sales
114,800
Materials and supplies-sales
17,600
Income tax
37,400
Wages and salaries-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:
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