Preparing an Income Statement: Briede Company Example
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Administrate expense
Officers' salaries 4900
Depreciated of office furniture and equipment 3960
Cost of sales good 60570
Rental revenue 17230
Selling expense
Transportation-out 2690
Sales Commissions 7980
Depreciation of sales equipment 6480
Sales 96500
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.
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Solution Summary
Provides steps necessary to create the income statement.
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