What would the single step look like What would the single s

Multiple-Step and Single-Step Statements Prepare a multi-step income statement and a single-step income statement for P. Bride Company Officers\' salaries 4 5 Depreciation of office furniture and equipment 6 Cost of goods sold 7Rent revenue 8 Delivery expense S 4,900 3,960 60,570 17,230 2,690 7,980 6,480 96,500 9,070 1,860 Sales commissions 10Depreciation of sales equipment 12 13 14 15 Instructions Sales revenue Income tax Interest expense

Solution

Income Sstatement (Single Step) Sales revennue 96500 Rent revenue 17230 Total revenue 113730 Less: expense Cost of goods sold 60570 officer\'s salaries 4900 Depreciation on office furniture and equip 3960 Delivery expense 2690 Sales commission 7980 Depreciation on Sales equipment 6480 Interest expense 1860 Income tax 9070 97510 Net income 16220 Income Statement (Multiple Step) Sales revenue 96500 Less: COGS 60570 Ggross margin 35930 Less: Selling and admin expense Selling expense: Delivery e xpense 2690 Sales commission 7980 Depreeciation on sales equip 6480 17150 Admin expense: Officer\'s salaries 4900 Depreciation 3960 8860 Net operating income 9920 Less: Interest expense 1860 8060 Add: Rent revenue 17230 Net income before tax 25290 Less: tax 9070 Net income after tax 16220