1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ended December 31, 2021: Discontinued operations loss ......................................... $20,000 Sales discounts…………………………………………………………..5,000 Cost of goods sold ......................................................... 145,000 Rent revenue……………………………………………………………12,000 Interest expense ............................................................ 2,000 Selling expenses ........................................................... 15,000 Administrative expenses ................................................ 33,000 Sales ............................................................................. 300,000 Retained Earnings, 1/1/20 ............................................. 280,000 Dividends declared ........................................................ 50,000 Tax rate of 22% on all items Shares of common stock outstanding, 10,000 Instructions a. Prepare a multiple-step income statement for Holler, Inc. for the year ended December 31, 2021. b. Prepare a single step income statement for Holler, Inc for the year ended December 31,2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ended December 31, 2021:

Discontinued operations loss ......................................... $20,000 Sales discounts…………………………………………………………..5,000 Cost of goods sold ......................................................... 145,000 Rent revenue……………………………………………………………12,000 Interest expense ............................................................ 2,000 Selling expenses ........................................................... 15,000 Administrative expenses ................................................ 33,000 Sales ............................................................................. 300,000 Retained Earnings, 1/1/20 ............................................. 280,000 Dividends declared ........................................................ 50,000 Tax rate of 22% on all items Shares of common stock outstanding, 10,000

Instructions a. Prepare a multiple-step income statement for Holler, Inc. for the year ended December 31, 2021. b. Prepare a single step income statement for Holler, Inc for the year ended December 31,2021.

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