Accounting 4-6

Accounting 4-6 - $5.18 P. Bride Company Income Statement...

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Whitney Houston Shoe Company Income Statement For The Year Ended December 31, 2007 Net Sales $980,000 Cost of Goods Sold (496,000) Gross Profit of Sales 484,000 Operating Expenses Selling Expense Wages and Salaries 114,800 Depreciation on Plant Assets 45,500 Materials and Supplies 17,600 177,900 Administrative Expense Wages and Salaries 135,900 Other Administrative Expenses 51,700 Depreciation on Plant Assets 19,500 207,100 (385,000) Income from Operations 99,000 Other Revenue and Gains Rental Revenue 29,000 Marker Appreciation on Land Above Cost 31,000 159,000 Other Expenses and Losses Interest on Notes Payable (18,000) Income Before Income Tax 141,000 Income Tax (37,400) Net Income for the Year $103,600 Earnings Per Common Share
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Unformatted text preview: $5.18 P. Bride Company Income Statement For The Year Ended December 31, 2007 Revenues Net Sales $980,000 Rental Revenue 29,000 Market Appreciation on Land Above Cost 31,000 Total Revenues 1,040,000 Expenses Cost of Goods Sold 496,000 Selling Expenses 177,900 Administrative Expense 207,100 Interest on Notes Payable 18,000 Income Tax 37,400 Total Expenses 936,400 Net Income $103,600 Earning Per Common Share $5.18 I prefer the multiple-step statement because it list and clarifies the different expenses and revenues and gains and losses for the period. This is useful because you can compare accounts for different periods...
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This note was uploaded on 04/29/2008 for the course BUAC 2210 taught by Professor Essman during the Spring '08 term at Shawnee.

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Accounting 4-6 - $5.18 P. Bride Company Income Statement...

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