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the accountant of tabel shoe co has compiled the following information from the comp 4243320

The accountant of Tabel 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, 2014.Rental revenue ……………………. $ 87,000Interest on notes payable ………………… 54,000Market appreciation on land above cost ……………. 93,000Wages and salaries—sales …………………. 344,400Materials and supplies—sales ……………….. 52,800Income tax ………………………. 112,200Wages and salaries—administrative ……………… 407,700Other administrative expenses ………………. 155,100Cost of goods sold …………………..1,488,000Net sales ………………………2,940,000Depreciation on plant assets (70% selling, 30% administrative) …. 195,000Dividends declared ………………….. 48,000There 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 Tabel Shoe Co has compiled the following

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