FREE Trial

A company has the following data: net sales, $405,000; cost of goods sold, $220,000; selling expenses, $90,000; general and administrative

Question:

A company has the following data: net sales, $405,000; cost of goods sold, $220,000; selling expenses, $90,000; general and administrative expenses, $60,000; interest expense, $4,000; and interest income, $3,000.
1. Prepare a single-step income statement.
2. Prepare a multistep income statement.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 83% (6 reviews)

1 Revenues Net sales 405 000 Interest income 3 000 Total reven…View the full answer


answer-question
Answered By
tutor-profile-image
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+ 1+ Reviews 10+ Question Solved
Related Book For  answer-question
Principles of Accounting

Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: March 26, 2014 08:05:41
See More Questions

Students also viewed these Accounting questions

Q:
Mr. Bhandari purchased a car for Rs. 50,000, making a down payment of Rs. 10,000 and signing a Rs. 40,000 bill payable due in 60 days. As a result of this transaction A B C D Total assets increased...
A:
Answer D Total assets increased by Rs 40 000 with corresponding increase in liabilities by......
Q:
A company has the following ï¬nancial information: To maximize shareholder wealth, the company would most likely establish a hurdle rate that would limit acceptance of projects to only those...
A:
b Weight Rate......
Q:
A company has the following shareholders equity section: Ordinary shares: par = 2 CU; 250,000 shares authorized; 100,000 shares issued and outstanding .. 200,000 Share premium . 30,000 Retained...
A:
2 200 000 100 000 1 2 300 000......
Q:
The difference between case law and common is which of the following? O Common law creates law and case law interprets existing law. There is no difference. Case law is criminal law and common law is...
A:
ANSWER b There is no difference Case law Case law also used interchangeably with common law is law t......
Q:
Refer to the sleep deprivation experiment described in Exercises 12.11 and 12.12 and data set EX1211. The data and the MINITAB and MS Excel printout are reproduced here. MINITAB output for Exercise...
A:
a From the Minitab printout the test of H 0 0 versus H a 0 is performed using one of two test statis......
Q:
Ronnie, James, and Macy agree to form a computer technology business. All three agree to invest in the company and want to participate in company management. However, they want to make sure that...
A:
Two business organization entities that could meet Ronnie James and Macy s criteria are Limited Liability Company LLC and S Corporation 1 Limited Liab......
Q:
How do we define the expression group for the purpose of consolidation?
A:
In the context of financial accounting and consolidation a group typically refers to a collection of entities that are connected through ownership or......
Q:
Comparative balance sheet accounts of Jensen Company are presented below. Additional data: 1. Equipment that cost $10,000 and was 40% depreciated was sold in 2008. 2. Cash dividends were declared and...
A:
a Net Cash Provided by Operating Activities Cash receipts from customers 935 000 1 Cash payments to......
Q:
What is the attention getter of the speech? Was it effective? Why or why not? What was the full thesis statement of the speech? Did the speaker do a good job making this clear within the first minute...
A:
Speech 1 How to Bake Perfect Cookies Attention Getter The speaker begins with a personal anecdote about a failed attempt at baking cookies immediately engaging the audience s attention by relating to......
Q:
1. How is strategic management illustrated by this case story? 2. How might SWOT analysis be helpful to Inditex executives? To Zara store managers? 3. What competitive advantage do you think Zara is...
A:
1 According to the case Zaras plan involves a clear and focused understanding of fashion technology and their market and the ability to adapt quickly......
Q:
Sutton Hills Companys management made the decisions that follow. Indicate which of the decisions relates primarily to (a) Classification, (b) Merchandising inventory, (c) Periodic inventory system,...
A:
1 b Merchandising i......
Q:
A single-step income statement follows. Present the information in a multistep income statement, and indicate what insights can be obtained from the multistep form as opposed to the single-stepform....
A:
Nomar Parra Company Income Statement For the Year Ended December 31 2014 Net sale......
Q:
The Maynard Company has projected the following quarterly sales amounts for the coming year: a. Accounts receivable at the beginning of the year are $240. Maynard has a 45-day collection period....
A:
a 45 day collection period implies all receivables outstanding from previous quarter are col......
Q:
You are the commissioner of the Pac 12 college conference. You have the smallest broadcast agreement among all of the power five conferences. Your current broadcast agreement is going to terminate at...
A:
The challenges with our current broadcast agreement stem from its comparatively smaller size within the Power Five conferences This has implications f......
Q:
China is becoming one of the largest consumer markets in the world, as over a billion people desire their first TV, cell phone, and car. You are a marketer for a large fast-food franchise that wishes...
A:
Expanding a fast food franchise into China requires careful consideration of cultural influences to ensure success Here are key factors to consider Cu......
Q:
During the year, Antlers Company, Inc., completed the following transactions:June 1 Issued $750,000 face value, 20-year, 12 percent bonds, dated June 1 of this year, at103. Interest is payable...
A:
The transactions can be recorded in general journal form as f......
Q:
Last month, Caitlin's Consumer Goods charged $17.43 Widget A. This month Caitlin charged for $1.05 for Widget A. Last month, Caitlin sold 302 of Widget B. After Caitlin changed the price of Widget A,...
A:
Given that For widget A Old Price 17 43 New......
Q:
Draw the influence diagram for the following scenario 1. Marketing Budget affects the company Market Size. 2. Product price and Marketing Budget affects Market Share. 3. Sales Amount depends on...
A:
Click to View...
Q:
Use Lagrange multipliers to find the minimum distance from the curve or surface to the indicated point. Curve Line: 2x + 3y = -1 Point (0, 0)
A:
Minimize the square of the dist......
Q:
Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work directly with its clients. The average...
A:
1 104 000 1 600 65 per professional labour hour 2 2 200 000 25 1......
Q:
Clothing industries, Inc, is deciding whether to expand its line of womens clothing called Sami Pants. Sales in units of this product were 22,500, 28,900, and 36,200 in 2010, 2011, and 2012,...
A:
1 Types of needed information identified Henry will need information about the market demand for the......
Q:
Reigle Electronics is a manufacturer of cell phones, a highly competitive business. Reigles Phones carry a price of $99, but competition forces the company to offer significant discounts and rebates....
A:
1 Projected cost per unit computed Current Percentage Cost Decrease Projected Cost per Unit Increase......
Q:
Medic Produces Company (MPC) is known for developing innovative and high-quality products for use in hospitals and medical and dental offices. Its latest products is a nonporous, tough, and very thin...
A:
1 The ways in which MPC accomplished each of the primary processes in the value chain are as follows......
A QUICK GUIDE TO THE NCLEX RN 2nd Edition - ISBN: 1974315444 - Free Book