Solution-Prepare a single step income statement

Prepare a single step income statement

Reference no: EM131104704

1.Tim Allen Co. had sales revenue of $540,000 in 2004. Other items recorded during the year were:

Cost of goods sold $320,000
Wage expense 120,000
Income tax expense 25,000
Increase in value of company reputation 15,000
Other operating expenses 10,000
Unrealized gain on value of patents 20,000

Prepare a single-step income statement for Allen for 2004. Allen has 100,000 shares of stock outstanding.

Reference no: EM131104704

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Prepare a single step income statement

Reference no: EM131104704

Reference no: EM131104704

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