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Q1) The accountant of Whitney Houston Shoe Co. has compiled following information from company's records as a basis for income statement for year ended December 31, 2007.

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% administrative) 65,000
Cash dividends declared 16,000

There were 20,000 shares of common stock outstanding during the year.

(a) Create a multiple-step income statement.

(b) Create a single-step income statement.

(c) What format do you prefer? describe.

Accounting Basics, Accounting

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