Tim Allen Co. had sales revenue of $540,000 in 2008. Other items recorded during the year were:

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Tim Allen Co. had sales revenue of $540,000 in 2008. Other items recorded during the year were:

Cost of goods sold...........................................................................$320,000

Wage expense.......................................................................................120,000

Income tax expense..............................................................................25,000

Increase in value of company reputation.....................................15,000

Other operating expenses...................................................................10,000

Unrealized gain on value of patents...............................................20,000


Prepare a single-step income statement for Allen for 2008. Allen has 100,000 shares of stock outstanding.

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Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

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