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The accountant of Sunland Shoe Co. has compiled the following information from the company’s records as...

The accountant of Sunland 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, 2020.

Rent revenue $31,200
Interest expense 20,200
Market appreciation on land above cost 33,200
Salaries and wages expense (selling) 117,000
Supplies expense (selling) 19,800
Income tax 25,300
Salaries and wages expense (administrative) 138,100
Other administrative expenses 53,900
Cost of goods sold 498,200
Net sales 982,200
Depreciation on plant assets (70% selling, 30% administrative) 67,200
Cash dividends declared 18,200


There were 20,000 shares of common stock outstanding during the year.

Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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Answer #1

Single step income statement Sunland Shoes Co. Income statement For the year ending December 31, 2020 Revenues Sales revenue

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