The accountant of Windsor 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, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,700 19,700 32,700 116,500 19,300 24,800 137,600 53,400 497,700 981,700 66,700 17,700 There were 20,000 shares of common stock outstanding during the year. 1. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) 2. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

The accountant of Windsor 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, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,700 19,700 32,700 116,500 19,300 24,800 137,600 53,400 497,700 981,700 66,700 17,700 There were 20,000 shares of common stock outstanding during the year. 1. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) 2. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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