Stober's Lawn Sprinkler Company sells irrigation equipment. Below is informationnecessary to prepare Stober's income sta...

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ACCT 301-Stober's Lawn Sprinkler Company sells irrigation

April 14, 2018

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










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