Prepare a multiple step income statement

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Reference no: EM13147852

FocusMore Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 2010.

Accounts Payable $15,000

Accounts Receivable 18000

Accumulated Depreciation Building 26,200

Advertising Expense 12800

Building 100,000

Capital Stock ($1 par) 60,000

Cash 15,000

Cost of Goods Sold 56,500

Depreciation Expense 2,000

Insurance Expense 1,900

Interest revenue 2,500

Inventory 25,000

Land 30,000

Prepaid insurance 4,600

Retained Earnings (1-1-2010) 58,000

Salaries Expense 48,000

Salaries Payable 4,600

Sales 158,000

Sales Returns & Allowances 8,000

Supplies inventory 1,200

Supplies Expense 2,000

Unearned Revenue 700

Required:

Prepare a multiple step income statement for 2010. (Include gross profit, income form operations, Net income and EPS. Tax rate is 35%)

Reference no: EM13147852

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