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Prepare a multi-step and single-step income statement

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Reference no: EM13945797

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

1. Using Excel, prepare a Multi-Step and Single-Step Income Statement. Income Tax for the year is $50,000 and Common Shares=150,000

2. 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. Explain any formulas used.

3. Submit one Excel spreadsheet with all of your information.

4. Use and cite all references.

Reference no: EM13945797

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