Stober’s Lawn Sprinkler Company sells irrigation

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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

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