stmts4 - COMPARISON OF SINGLE-STEP and MULTIPLE-STEP INCOME...

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COMPARISON OF SINGLE-STEP and MULTIPLE-STEP INCOME STATEMENTS © Written by Professor Gregory M. Burbage, MBA, CPA, CMA, CFM stmts4.doc Please observe all copyright laws Note: the single-step format: - shows all revenues together at the top. - shows all expenses together after revenues. HANSON RETAIL FOOD STORE, INC. Income Statement Year Ended December 31, 2006 Net Sales $262,000 Rent revenue 6,900 Interest revenue 1,400 -------- Total Revenue 270,300 Expenses: Cost of Goods Sold $159,000 Salaries and wages 45,000 Advertising 12,400 Freight out 4,000 Depreciation 5,000 Taxes and licenses 3,000 Rent 6,300 Loss on sale of assets 250 Interest expense 350 * Income taxes 2,000 -------- Total expense 237,300 -------- Net Income $ 33,000 ======== **Basic Earnings Per Share $ 3.30 * As income taxes only exist if the business is a corporation, this account would not exist if the business were a sole proprietorship or partnership. ** According to GAAP Earnings Per Share (EPS) is required to be shown on the
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This note was uploaded on 12/14/2010 for the course BUS 3103 taught by Professor Nugent during the Spring '09 term at Texas Woman's University.

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stmts4 - COMPARISON OF SINGLE-STEP and MULTIPLE-STEP INCOME...

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