Weatherspoon Shoe

The accountant of Weatherspoon 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, 2010.

Rental revenue                                                         $        29,000
Interest expense                                                       $        18,000
Market appreciation on land above cost             $        31,000
Wages and salaries-sales                                         $     114,800
Materials and supplies-sales                                  $        17,600
Income tax                                                                 $        30,600
Wages and salaries-administrative                        $     135,900
Other administrative expenses                              $        51,700
Cost of goods sold                                                     $     516,000
Net sales                                                                     $     980,000
Depreciation on plant assets
(70% selling, 30% administrative)                         $        65,000
Dividends declared                                                  $        16,000

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

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 5.25. For multiple entries list from largest to smallest amounts, e.g. 10, 5, 1. Enter all amounts as positive amounts and subtract where necessary.)

Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 5.25. For multiple entries list from largest to smallest amounts, e.g. 10, 5, 1. Enter all amounts as positive amounts and subtract where necessary.)