Single-step income statement

Assignment Help Financial Accounting

Reference no: EM13915547

Accounts	Balance
Interest expense	16,000
Depreciation expense, admin.	7,380
Sales telephone expense	13,850
Cost of Goods Sold	886,270
Sales returns and allowances	62,300
Sales commissions expense	92,600
Salespersons' salaries	46,260
Sales Revenue	1,543,000
Salespersons' travel	28,800
Delivery expense	21,400
Depreciation - sales	11,180
Sales Discounts	31,150
Miscellaneous selling expenses	11,765
Maintenance and repairs	9,130
Property tax expense, admin	7,320
Supplies expense, admin.	8,450
Administration telephone	4,820
Office expenses, admin.	6,000
Dividends received	38,000
Income tax expense	97,000
Depreciation understatement due to error - 2011 (net of tax)	13,300
Dividends declared on preferred stock	12,000
Dividends declared on common stock	34,500

The balance in Retained Earnings at July 1, 2013 was		337,000
The number of shares of common stock outstanding is		80,000

In the space below, prepare the following statements for the year ended June 30, 2014:
multiple-step income statement, single-step income statement, and statement of retained earnings

Reference no: EM13915547

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