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problem: The accountant of Whitney Houston Shoe Company has compiled the following data from the firm's records as a basis for an income statement for the 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.

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