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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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- Spring '08
- Revenue, Generally Accepted Accounting Principles, income tax income, Company Income Statement