Solution-Which one do you prefer, Prepare an income

Which one do you prefer

Assignment Help Accounting Basics

Reference no: EM131104873

(Multiple-step and Single-step) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2004 information related to P. Bride Company ($000 omitted).

(a) Prepare an income statement for the year 2004 using the multiple-step form. Common shares outstanding for 2004 total 40,550 (000 omitted).

(b) Prepare an income statement for the year 2004 using the single-step form.

Officers' salaries $ 4,900
Depreciation of office furniture and equipment 3,960
Cost of goods sold 60,570
Rental revenue 17,230
Selling expense
Transportation-out 2,690
Sales commissions 7,980
Depreciation of sales equipment 6,480
Sales 96,500
Income tax 9,070
Interest expense 1,860

Reference no: EM131104873

Questions Cloud

First meeting of creditors : One of the most important functions which the Master exercises is the custody of all documents relating to insolvent estates.

What portion of your sales revenue will be profits : What portion of your sales revenue will be consumed by expenses? Express in fractions and in percentages. What portion of your sales revenue will be profits? Express in fractions and in percentages.

Prepare a multiple step income statement : (Multiple-step and Extraordinary Items) The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2004.

Find the necessary lo phase noise specification : The final IF voice bandwidth is 12 kHz.

Which one do you prefer : Prepare an income statement for the year 2004 using the multiple-step form. Common shares outstanding for 2004 total 40,550 (000 omitted).

Determine the seasonal factors for the four quarters : Ralph Billett is the manager of a real estate agency. He now wishes to develop a forecast of the number of houses that will be sold by the agency over the next year. The agency's quarter-by-quarter sales figures over the last three years are shown..

Rate tends to fluctuate because of seasonal effects : Even when the economy is holding steady, the unemployment rate tends to fluctuate because of seasonal effects. For example, unemployment generally goes up in Quarter 3 (summer) as students (including new graduates) enter the labor market.

What should be the minimum isolation between the transmitter : what should be the minimum isolation between the transmitter and receiver so that the leakage signal from the transmitter is at least 10 dB below the received signal?

Journalize and post the closing entries at december : Complete the accounting work sheet at December 31. Journalize and post the closing entries at December 31. Denote each closing amount as clo and an account balance as bal. Prepare a classified balance sheet at December 31.

User Account

All Pages

Which one do you prefer

Reference no: EM131104873

Reference no: EM131104873

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT