The following information is available for the Koufax Company for the year ending Dec. 31, 2007:
Sales 400,000
Depreciation expense 50,000
Insurance expense 10,000
Salaries expense 60,000
Delivery expense 2,000
Cost of goods sold 180,000
Interest expense 12,000
Rental income 4,000
Income tax rate 30%
Beginning Retained Earnings 50,000
Dividends 25,000
Required:
Prepare two income statements and the Retained Earnings Statement. Use the single-step format and multiple-step income formats.
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