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What are the total Expenses under the single-step income statement? a. 389,816 b. $85,710 c. 856,589 d. $115,710 2. What is Net income? a. $ 85,710 b. $505,526 c. $972,299 d. $115,710 3. What is the other expenses? a. 18,500 b. 10,799 c. 16,198

What are the total Expenses under the single-step income statement? a. 389,816 b. $85,710 c. 856,589 d. $115,710 2. What is Net income? a. $ 85,710 b. $505,526 c. $972,299 d. $115,710 3. What is the other expenses? a. 18,500 b. 10,799 c. 16,198

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...
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1. What are the total Expenses under the single-step income statement?

a. 389,816

b. $85,710

c. 856,589

d. $115,710

2. What is Net income?

a. $ 85,710

b. $505,526

c. $972,299

d. $115,710

3. What is the other expenses?

a. 18,500

b. 10,799

c. 16,198

d. 30,000

B-05.10 Single-step and multiple-step income statements Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto- ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili- ties to selling functions, and the remainder to general and administrative activities. Seventy percent of the salaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats. Advertising expense Cost of goods sold Rent expense Salaries expense Net sales Income tax expense Utilities expense Interest expense $33,998 466,773 144,000 166,321 972,299 30,000 26,997 18,500
Transcribed Image Text:B-05.10 Single-step and multiple-step income statements Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto- ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili- ties to selling functions, and the remainder to general and administrative activities. Seventy percent of the salaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats. Advertising expense Cost of goods sold Rent expense Salaries expense Net sales Income tax expense Utilities expense Interest expense $33,998 466,773 144,000 166,321 972,299 30,000 26,997 18,500
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