Reference no: EM133106891
Question - The accountant of Kingbird 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, 2020.
Rent revenue $32,000
Interest expense 21,000
Market appreciation on land above cost 34,000
Salaries and wages expense (selling) 117,800
Supplies expense (selling) 20,600
Income tax 26,100
Salaries and wages expense (administrative) 138,900
Other administrative expenses 54,700
Cost of goods sold 499,000
Net sales 983,000
Depreciation on plant assets (70% selling, 30% administrative) 68,000
Cash dividends declared 19,000
There were 20,000 shares of common stock outstanding during the year.
Required - Prepare a multiple-step income statement. Prepare a single-step income statement.
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