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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


Market appreciation on land above cost


Wages and salaries-sales


Materials and supplies-sales


Income tax


Wages and salaries-administrative


Other administrative expenses


Cost of goods sold


Net sales


Depreciation on plant assets (70% selling, 30% administrative)


Cash dividends declared


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

Which format do you prefer? describe.


Cost Accounting, Accounting

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