Preparing of single step and multi step income statements

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Reference no: EM1315918

Preparing of single step and multi step income statements given the revenue and expenses account balances and tax rate.

The following information is available for the Koufax Company for the year ending Dec. 31, 2007:

Sales

400,000

Depreciation expense

50,000

Insurance expense

10,000

Salaries expense

60,000

Delivery expense

2,000

Cost of goods sold

180,000

Interest expense

12,000

Rental income

4,000

Income tax rate

30%

Beginning Retained Earnings

50,000

Dividends

25,000

Required:

Prepare two income statements and the Retained Earnings Statement. Use the single-step format and multiple-step income formats.

Reference no: EM1315918

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