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Single-step and multiple-step formats of income statement

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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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