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the accountant of kooks shoe co has compiled the following information from the comp 4243318

The accountant of Kooks 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, 2008.Rental revenue ………………… $ 29,000Interest on notes payable …………….. 18,000Market appreciation on land above cost ………… 31,000Wages and salaries––sales ……………… 114,800Materials and supplies––sales …………….. 17,600Income tax ……………………. 37,400Wages and salaries––administrative …………… 135,900Other administrative expenses …………… 51,700Cost of goods sold ………………… 496,000Net sales ……………………. 980,000Depreciation on plant assets (70% selling, 30% administrative) … 65,000Cash dividends declared ……………… 16,000There were 20,000 shares of common stock outstanding during the year.Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step income statement.(c) Which format do you prefer? Discuss.View Solution:
The accountant of Kooks Shoe Co has compiled the following

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