Prepare multi-step income statementPrepare single step income statementIncome Statement Saghir Company's 2014 information Administrative Expenses Officers salaries 6,860 Depreciation of office furniture and equipment 5,544 Cost of Goods Sold 84,798 Net Sales 135,100 Rental Revenue 24,122 Selling Expense Transportation Out 3,766 Sales Commissions 1,172 Depreciation of Sales Equipment 9,072 Income Tax 12,698 Interest Expense 2,604 Common Shares Outstanding 40,550 Instructions Prepare a multi-step income statement for 2014 Prepare a single step income statement for 2014

Answered: Prepare multi-step income statement…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Prepare multi-step income statement

Prepare single step income statement

Income Statement
	Saghir Company's 2014 information


	Administrative Expenses
		Officers salaries			6,860
		Depreciation of office furniture and equipment	5,544
	Cost of Goods Sold				84,798
	Net Sales					135,100
	Rental Revenue				24,122
	Selling Expense
		Transportation Out			3,766
		Sales Commissions			1,172
		Depreciation of Sales Equipment		9,072
		Income Tax			12,698
		Interest Expense			2,604

Common Shares Outstanding 40,550

Instructions
Prepare a multi-step income statement for 2014
Prepare a single step income statement for 2014

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