View the step-by-step solution to: (Multiple-step and Single-step) The accountant of Weatherspoon

(Multiple-step and Single-step) 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.) WEATHERSPOON SHOE CO. Income Statement For the Year Ended December 31, 2010 Income taxMaterials and suppliesCost of goods soldDepreciation expenseWages and salariesRental revenueNet salesInterest expenseOther admin. expenses $ Depreciation expenseCost of goods soldRental revenueNet salesInterest expenseIncome taxWages and salariesMaterials and suppliesOther admin. expenses Gross profit Operating Expenses Selling Expenses Wages and salariesNet salesCost of goods soldMaterials and suppliesDepreciation expenseOther admin. expensesRental revenueInterest expenseIncome tax $ Other admin. expensesWages and salariesIncome taxInterest expenseNet salesDepreciation expenseCost of goods soldMaterials and suppliesRental revenue Cost of goods soldMaterials and suppliesWages and salariesNet salesRental revenueOther admin. expensesDepreciation expenseInterest expenseIncome tax Administrative expenses Wages and salariesNet salesCost of goods soldIncome taxDepreciation expenseMaterials and suppliesOther admin. expensesRental revenueInterest expense Rental revenueInterest expenseIncome taxCost of goods soldDepreciation expenseOther admin. expensesWages and salariesNet salesMaterials and supplies Depreciation expenseMaterials and suppliesOther admin. expensesInterest expenseNet salesWages and salariesRental revenueIncome taxCost of goods sold Income from operations Other Revenues and Gains Interest expenseRental revenueIncome taxCost of goods soldWages and salariesNet salesMaterials and suppliesOther admin. expenses Other Expenses and Losses Net salesIncome taxCost of goods soldWages and salariesMaterials and suppliesOther admin. expensesRental revenueInterest expense Income before taxes Other admin. expensesIncome taxCost of goods soldWages and salariesRental revenueInterest expenseNet salesMaterials and supplies Net income $ Earnings per share $ (b) Prepare a single-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.) WEATHERSPOON SHOE CO. Income Statement For the Year Ended December 31, 2010 Revenues Selling expensesIncome taxesAdministrative expensesNet salesCost of goods soldRental revenueInterest expense $ Income taxesSelling expensesInterest expenseAdministrative expensesRental revenueNet salesCost of goods sold Total revenues Expenses Net salesRental revenueCost of goods soldSelling expensesAdministrative expensesInterest expenseIncome taxes Income taxesAdministrative expensesNet salesRental revenueCost of goods soldInterest expenseSelling expenses Interest expenseRental revenueIncome taxesCost of goods soldSelling expensesAdministrative expensesNet sales Cost of goods soldRental revenueAdministrative expensesSelling expensesInterest expenseIncome taxesNet sales Total expenses Income before taxes Income taxesInterest expenseNet salesRental revenueAdministrative expensesCost of goods soldSelling expenses Net income $ Earnings per share $
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