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Prepare multi-step income statement

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Reference no: EM132511832

PenCorn a whole sale dealer has just started its operations in January 2019. As the company is new to business and accounting word, the company intends to choose the suitable format to represent its income statement.

Salaries expenses $50,000

Admin expenses 60,000

Depreciation on equipment 23,500

Rental Expenses 34,000

Transportation Expenses 4,400

Sales commission 5,490

Net sales $456,000

Tax 20%

Interest Expense 12,000

CGS 288,000

Required:

Question 1: As an accountant of the company you are required to prepare (using the information given above),

  1. Multi-step Income Statement
  2. Single step income statement

Reference no: EM132511832

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