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E4-6 Answer1 - Other Revenues and Gains Rental revenue...

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Multi-step and Single-step Income Sta Whitney Houston Shoe Co. Multi-step Income Statement M For the Year Ended December 31, 2004 For the Sales Revenue Net Sales Sales 980,000 Cost of Goods Sold Net Sales a Revenue 980000 Gross Profit Cost of Goods Sold Selling exp penses Adminstrative expense Cost of Goods Sold 496,000 484000 Income from operation Operating Expenses Other revenue and gai Selling Expense Sales Salaries & Wages 114,800 Other expenses and lo Material & Supplies- Sales 17,600 Depreciation Plant Assets 45500 177900 Income before taxes Income tax Administrative Expenses Wages and Salaries(admin) 135900 Net Income for the yea Other Admin Expenses 51700 Depr. Of Plant Assets(admin) 19500 207100 385,000 Earnings per share 99000
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Unformatted text preview: Other Revenues and Gains Rental revenue 29,000 Dividend Revenue 16,000 45000 54000 Other Expenses and Losses Interst on notes payable 18,000 36,000 Income before income tax Income tax 37400 Net Income for the Year-1400 Earnings Per Common Share The single-step income statement is much easier to prepare. All the required information is available for a decisio atements Whitney Houston Shoe Co. Single step Income Statement e Year Ended December 31, 2004 980000 496000 484000 177900 es 207100 385000 ns 99000 ins 45000 44000 osses 18000 36000 37400 ar-1400 on maker. The multi-step is more detailed, but it requires the preparer to be more detailed....
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