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You have been presented with the following information from the books of Sanders and Company for the year ended Dec 31, 2011. Use this information to help you complete each of the steps below.
Sales=$3,000,000
Office Salaries=$15,000
Rental Revenue=$85,000
COGS=$1,500,000
Utilities Expense=$25,000
Dividend Revenue=$65,000
Advertising Expense=$30,000
Insurance Expense=$10000
Interest on Bonds=$12,000
Depreciation of Sales Equipment=$24,000
Officers Salaries=28,000
Travel and Entertainment=$29000
Legal Fees=$32,000
Misc Office Expense=$8,000
Freight Out=$5000
1. Using Excel, prepare a Multi-Step and Single-Step Income Statement. Income Tax for the year is $50,000 and Common Shares=150,000
2. At the bottom of one of the income statements you prepare, explain which statement you feel is the most informative for a company? Explain your reasoning. Explain any formulas used.
3. Submit one Excel spreadsheet with all of your information.
4. Use and cite all references.
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