Solution-Prepare a multiple and single step income statement

Prepare a multiple and single step income statement

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Reference no: EM13529487

(Multiple-Step and Single-Step) The accountant of Weatherspoon 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, 2012.

Rent revenue	$ 29,000
Interest expense	18,000
Market appreciation on land above cost	31,000
Salaries and wages expense (sales)	114,800
Supplies (sales)	17,600
Income tax	30,600
Salaries and wages expense (administrative)	135,900
Other administrative expenses	51,700
Cost of goods sold	516,000
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

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.

Reference no: EM13529487

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Prepare a multiple and single step income statement

Reference no: EM13529487

Reference no: EM13529487

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