problem: The following data is available for the Koufax Company for the year ending Dec. 31, 2007:
|
Sales
|
400,000
|
|
Depreciation expense
|
50,000
|
|
Insurance expense
|
10,000
|
|
Salaries expense
|
60,000
|
|
Delivery expense
|
2,000
|
|
Cost of goods sold
|
180,000
|
|
Interest expense
|
12,000
|
|
Rental income
|
4,000
|
|
Income tax rate
|
30%
|
|
Beginning Retained Earnings
|
50,000
|
|
Dividends
|
25,000
|
Information:
Create two income statements & the Retained Earnings Statement. Use the single-step format and multiple-step income formats.