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Financial Statements

PLEASE REVIEW MY PROBLEMS FOR ANY ERRORS.

Multiple-step and Single-step) The accountant of Whitney Houston Shoe Co. has
compiled the following information from the company's records as a basis for an
income statement for the year ended December 31, 2004.

Rental revenue $ 29,000
Interest on notes payable 18,000
Market appreciation on land above cost 31,000
Wages and salaries-sales 114,800
Materials and supplies-sales 17,600
Income tax 37,400
Wages and salaries-administrative 135,900
Other administrative expenses 51,700
Cost of goods sold 496,000
Net sales 980,000
Depreciation on plant assets (70% selling, 30% 65,000
administrative)
Dividends declared 16,000
There were 20,000 shares of common stock outstanding during the year.
Instructions
a. Prepare a multiple-step income statement.
b. Prepare a single-step income statement.
c. Which format do you prefer? Discuss.

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Please see the attached Excel spreadsheet. You made a couple of mistakes. I have highlighted the differences in ...

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This problem involves the fundamentals of accounting

$2.19