Single-Step Income Statement
the Information Below Relates to the Operations

question 97

Essay

Single-step income statement
The information below relates to the operations of Konun Corporation for the year ended December 31, 2020:
$\begin{array}{lr}\text { Cost of goods sold } & \$ 84,500 \\\text { Interest expense } & 585 \\\text { Sales returns and allowances } & 2,240 \\\text { Accounts payable } & 30,032 \\\text { Sales discounts } & 960 \\\text { Depreciation expense } & 71,148 \\\text { Sales revenue } & 245,586 \\\text { Salaries and wages } & 40,895 \\\text { Prepaid expenses } & 875 \\\text { Rent expense } & 9,500 \\\text { Loss due to fire } & 2,092 \\\text { Rental revenue } & 6,000\end{array}$ Additional information:
-The effective tax rate is 30%.
-Depreciation expense: 60% administrative expense and 40% selling expense
-Salaries and wages: 35% administrative expense and 65% selling expense
-Rent expense: 75% administrative expense and 25% selling expense
Prepare a single-step income statement in good form by nature (round to the nearest dollar).

Distinguish between general and limited partners, particularly in terms of liability and involvement in management.

Understand the significance and risks of partnership property and how it impacts both the partnership and individual partners.

Grasp the conditions under which partnerships are formed, operate, and dissolve.

Identify the roles and responsibilities of partners within a partnership, especially concerning fiduciary duties and the duty of obedience.

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Definitions:

Canada Assistance Plan

The Canada Assistance Plan was a Canadian federal government program that provided financial assistance and social services support to provinces and territories.

Employment Insurance

A government program that provides temporary financial assistance to unemployed workers who have lost their jobs.

Social Citizenship

A concept referring to the rights and responsibilities of citizens in a welfare state, emphasizing access to social welfare benefits and participation in society.

Political Citizenship

The status and rights granted to individuals as members of a political community, including participation in its political and civic life.