Preparing of single step and multi step income statements

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Reference no: EM1315918

Preparing of single step and multi step income statements given the revenue and expenses account balances and tax rate.

The following information is available for the Koufax Company for the year ending Dec. 31, 2007:

Sales	400,000
Depreciation expense	50,000
Insurance expense	10,000
Salaries expense	60,000
Delivery expense	2,000
Cost of goods sold	180,000
Interest expense	12,000
Rental income	4,000
Income tax rate	30%
Beginning Retained Earnings	50,000
Dividends	25,000

Required:

Prepare two income statements and the Retained Earnings Statement. Use the single-step format and multiple-step income formats.

Reference no: EM1315918

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