Prepare a multi-step and single-step income statement

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Reference no: EM13766501

You have been presented with the following information from the books of Sanders and Company for the year ended Dec 31, 2011. Use this information to help you complete each of the steps below.

Sales=$3,000,000	Office Salaries=$15,000	Rental Revenue=$85,000
COGS=$1,500,000	Utilities Expense=$25,000	Dividend Revenue=$65,000
Advertising Expense=$30,000	Insurance Expense=$10000	Interest on Bonds=$12,000
Depreciation of Sales Equipment=$24,000	Officers Salaries=28,000	Travel and Entertainment=$29000
Legal Fees=$32,000	Misc Office Expense=$8,000	Freight Out=$5000

Using Excel, prepare a Multi-Step and Single-Step Income Statement. Income Tax for the year is $50,000 and Common Shares=150,000
At the bottom of one of the income statements you prepare, explain which statement you feel is the most informative for a company? Explain your reasoning.

Reference no: EM13766501

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