The accountant of Kingbird Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017.
|
Rent revenue
|
|
$32,200
|
|
Interest expense
|
|
21,200
|
|
Market appreciation on land above cost
|
|
34,200
|
|
Salaries and wages expense (selling)
|
|
118,000
|
|
Supplies expense (selling)
|
|
20,800
|
|
Income tax
|
|
40,600
|
|
Salaries and wages expense (administrative)
|
|
139,100
|
|
Other administrative expenses
|
|
54,900
|
|
Cost of goods sold
|
|
499,200
|
|
Net sales
|
|
983,200
|
|
Depreciation on plant assets (70% selling, 30% administrative)
|
|
68,200
|
|
Cash dividends declared
|
|
19,200
|
There were 20,130 shares of common stock outstanding during the year.
Prepare a multiple-step income statement