Weatherspoon Shoe Co - 90087

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divakar

divakar

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  • From: Business, Management
  • Posted on: Fri 24 Apr, 2015
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The accountant of Weatherspoon 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, 2010. Rental revenue $29,000 Interest expense 18,000 Market appreciation on land above cost 31,000 Wages and salaries-sales 114,800 Materials and supplies-sales 17,600 Income tax 30,600 Wages and salaries-administrative 135,900 Other administrative expenses 51,700 Cost of goods sold 516,000 Net sales 980,000 Depreciation on plant assets (70% selling, 30% administrative) 65,000 Dividends declared 16,000 There were 20,000 shares of common stock outstanding during the year. (a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 5.25. For multiple entries list from largest to smallest amounts, e.g. 10, 5, 1. Enter all amounts as positive amounts and subtract where necessary.) (b) Prepare a single-step income statement. ( C ) The accountant of Weatherspoon 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, 2010. Rental revenue $29,000 Interest expense 18,000 Market appreciation on land above cost 31,000 Wages and salaries-sales 114,800 Materials and supplies-sales 17,600 Income tax 30,600 Wages and salaries-administrative 135,900 Other administrative expenses 51,700 Cost of goods sold 516,000 Net sales 980,000 Depreciation on plant assets (70% selling, 30% administrative) 65,000 Dividends declared 16,000 There were 20,000 shares of common stock outstanding during the year. Which format do you prefer? The multiple-step form or the single-step form. Discuss.
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HW-99-Weatherspoon_Shoe_Co.doc
HW-99-Weathersp...