Multiple-step and single step income statement. Haar, Inc. has the following data for the year...
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Accounting
Multiple-step and single step income statement. Haar, Inc. has the following data for the year ended December 31, 2020:
Discontinued operations loss $25,000
Sales discounts..5,000
Cost of goods sold 145,000 Rent revenue18,000
Interest expense 2,000
Selling expenses 15,000
Administrative expenses 33,000
Sales 290,000 Retained Earnings, 1/1/20 300,000
Dividends declared on common stock 50,000
Tax rate of 30% on all items
Shares of common stock outstanding, 10,000
Instructions
a. Prepare a multiple-step income statement for Haar, Inc. for the year ended December 31, 2020. b. Prepare a single step income statement for Haar, Inc for the year ended December 31,2020.
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