E5-9 In its income statement for the year ended December 31, 2010, Dingman Company ra ported the following condensed data. Administrative expenses Cost of goods sold Interest experise $304,000 902,000 49,000 20,000 Selling expenses Loss on sale of equipment Net sales $ 343,000 7,000 1,620,000 Interest revenue Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(b) Preparg.closing entries.
E5-9/In its income statement for the year ended December 31, 2010, Dingman Conpany re-
ported the following condensed data.
Administrative expenses
Cost of goods sold
Interest expenIse
Interest revenue
$304,000
902,000
49,000
20,000
Selling expenses
Loss on sale of equipment
Net sales
$ 343,000
7,000
1,620,000
Instructions
(2) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.
E5-10 In its income statement for the year ended December 31,2010, Pele Company reported
the following condensed data.
$ 925,000
1,289,000
$ 70,000
$ 28,000
10,000
2,312,000
Interest revenue
Operating expenses
Cost of goods sold
Interest expense
Loss on sale of equipment
Net sales
Instructions
(a) Prepare a multipie-step income statement.
(b) Prepare a single-step income statement.
for
fish Company made the following errors.
Transcribed Image Text:(b) Preparg.closing entries. E5-9/In its income statement for the year ended December 31, 2010, Dingman Conpany re- ported the following condensed data. Administrative expenses Cost of goods sold Interest expenIse Interest revenue $304,000 902,000 49,000 20,000 Selling expenses Loss on sale of equipment Net sales $ 343,000 7,000 1,620,000 Instructions (2) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. E5-10 In its income statement for the year ended December 31,2010, Pele Company reported the following condensed data. $ 925,000 1,289,000 $ 70,000 $ 28,000 10,000 2,312,000 Interest revenue Operating expenses Cost of goods sold Interest expense Loss on sale of equipment Net sales Instructions (a) Prepare a multipie-step income statement. (b) Prepare a single-step income statement. for fish Company made the following errors.
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