Help with multi step income statement
| Rent revenue | $29,000 | |
| Interest expense | 18,000 | |
| Market appreciation on land above cost | 31,000 | |
| Salaries and wages expense (selling) | 114,800 | |
| Supplies expense (selling) | 17,600 | |
| Income tax | 37,400 | |
| Salaries and wages expense (administrative) | 135,900 | |
| Other administrative expenses | 51,700 | |
| Cost of goods sold | 496,000 | |
| Net sales | 980,000 | |
| Depreciation on plant assets (70% selling, 30% administrative) | 65,000 | |
| Cash dividends declared | 16,000 |
LATIFA SHOE CO
Multiple-Step Form
Income Statement For the Year Ended December 31, 2014
| Net Sales | 980000 | ||
| Cost of goods sold | 496000 | ||
| Gross profit | 484000 | ||
| Operating Expenses | |||
| Selling Expenses | 114800 | ||
| Depriciation Expenses | 45500 | ||
| Supplies Expnses | 17600 | ||
| Total Selling Expenses | 177900 | ||
| Administrative Expenses | |||
| Salaries and Wages | 135900 | ||
| Other Admini Expenses | 51700 | ||
| Depriciation Expenses | 19500 | ||
| Total Administrative Expenses | 207100 | ||
| 385000 | |||
| 99000 | |||
| Other Revenue | |||
| Rent Revenue | 29000 | ||
| 128000 | |||
| Other Expenses and Losses | |||
| Interest Expenses | 18000 | ||
| Income before Income Tax | 110000 | ||
| Income Tax | 37400 | ||
| Net Income | 72600 | ||
| Earning Per Share (72600/20000) | 3.63 |
