Officers' salaries 4900
Depreciated of office furniture and equipment 3960
Cost of sales good 60570
Rental revenue 17230
Sales Commissions 7980
Depreciation of sales equipment 6480
Income Tax 9070
Interest Expense 1860
a. Prepare an income statement for the year 2007 using the multiple-step form. Common shares out-standing for 2007 total 40,550($000 omitted).
b. Prepare an income statement for the year 2007 using the single step form
c. Which one do you prefer? Discuss.
Solution is provided in a separate excel file attached as ...
Provides steps necessary to create the income statement.