Tim Allen Co. had sales revenue of $540,000 in 2004. Other items recorded during the year were:

Prepare a single-step income statement for Allen for 2004. Allen has 100,000 shares of stock outstanding.

Transcribed Image Text:

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