The following income statements were provided by Gleeson Company, a retailer: Required 1. Identify each income statement
Question:
Required
1. Identify each income statement as either single- or multiple-step format.
2. Convert the 2009 income statement to the same format as the 2010 incomestatement.
Transcribed Image Text:
2010 Income Statement 2009 Income Statement Sales Cost of sales $1,700,000 Sales Cost of sales Sales salaries $1,500,000 S 450,000 398,000 175,000 54,000 40,000 20,000 Selling expense Administrative expense Total selling and admin- $ 702,000 95.000 Office supplies Depreciation-building Delivery expense Total expenses Net income istrative expense $ 797000 Net income S 363,000
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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