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In: Accounting

The accountant of Teal Shoe Co. has compiled the following information from the company’s records as...

The accountant of Teal 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, 2017.

Rent revenue $31,400
Interest expense 20,400
Market appreciation on land above cost 33,400
Salaries and wages expense (selling) 117,200
Supplies expense (selling) 20,000
Income tax 39,800
Salaries and wages expense (administrative) 138,300
Other administrative expenses 54,100
Cost of goods sold 498,400
Net sales 982,400
Depreciation on plant assets (70% selling, 30% administrative) 67,400
Cash dividends declared 18,400


There were 19,980 shares of common stock outstanding during the year.

Part 1

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Part 2

Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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