Solution-Single-step and multiple-step formats of income

Single-step and multiple-step formats of income statement

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Reference no: EM13829269

Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Stober's income statement for the year ending December 31, 20X7. Stobler attributes 60% of the rent and utilities to selling functions, and the remainder to general and administrative activities. 70% of the salaries are devoted to sales.

Prepare an income statement in both the single-step and multiple-step formats.


	Advertising expense	$ 33,998
	Cost of goods sold	466,773
	Rent expense	144,000
	Salaries expense	166,321
	Net sales	972,299
	Income tax expense	30,000
	Utilities expense	26,997
	Interest expense	18,500

Reference no: EM13829269

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Single-step and multiple-step formats of income statement

Reference no: EM13829269

Reference no: EM13829269

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