The Accounting Records for Pocket's Restaurant Supply Contained the Following

question 126

Essay

The accounting records for Pocket's Restaurant Supply contained the following data for the current year:
$\begin{array}{ll}\text { Sales } & \$ 547,500 \\\text { Cost of goods sold } & 223,800 \\\text { Interest revenue } & 6,500 \\\text { Rent revenue } & 3,600 \\\text { Administrative expense } & 141,300\\\text { Selling expense } & 133,600 \\\text { Interest expense } & 15,400 \\\text { Income tax expense } & 8,100 \\\text { Loss on sale of warehouse } & 6,500\end{array}$ Required:
Prepare both a single-step and a multi-step income statement for Campbell's for the current year.

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Definitions:

Return

The profit or loss derived from an investment or transaction.

Corporate Bond

A type of bond issued by corporations to fund capital investments and operations, promising to pay back with interest.

Yield

The income return on an investment, such as the interest or dividends received from holding a particular security.

Face Value

The nominal or dollar value printed on a security, such as a bond or stock, which indicates its value at issuance or maturity.