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    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.