In: Accounting
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.)