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).

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Definitions:

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