Stober’s Lawn Sprinkler Company sells irrigation equipment Below is information necessary to prepare
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Stober’s Lawn Sprinkler Company sells irrigation equipment Below is information
necessary to prepare Stober’s income statement for the year ending December 31,
20X7 Stobler attributes 60% of the rent and utilities to selling functions, and the
remainder to general and administrative activities 70% of the salaries are devoted
to sales
Prepare an income statement in both the 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 MULTIPLE-STEP APPROACH
STOBER’S LAWN SPRINKLER COMPANY
Income Statement
For the Year Ending December 31, 20X7 SINGLE-STEP APPROACH
STOBER’S LAWN SPRINKLER COMPANY
Income Statement
For the Year Ending December 31, 20X7