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Exercise - Multiple- Step Income Statement
On July 31, 2012, th the balances of the accounts appearing in the ledger of Vagabond Furnishings Company, a furniture wholesaler, are as follows:
Administrative Expenses
$250,000
Office Supplies
$ 21,200
Building
1,234,000
Retained Earnings
937,600
Capital Stock
200,000
Salaries Payable
6,000
Cash
97,000
Sales
3,200,000
Cost of Merchandise Sold
1,700,000
Sales Discounts
60,000
Dividends
50,000
Sales Returns and Allowances
190,000
Interest Expense
15,000
Selling Expenses
410,000
Merchandise Inventory
360,000
Store Supplies
15,400
Notes Payable
a) Prepare a multiple-step income statement for the year ended July 31, 2012.
b) Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
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