Question
1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ended December 31, 2021: Discontinued operations loss $25,000 Sales
1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ended December 31, 2021: Discontinued operations loss $25,000 Sales discounts..5,000 Cost of goods sold 140,000 Dividend revenue 15,000 Interest expense 4,000 Selling expenses 18,000 Administrative expenses 33,000 Sales 325,000 Retained Earnings, 1/1/20 280,000 Dividends declared 50,000 Tax rate of 26% on all items Shares of common stock outstanding, 20,000 Instructions a. Prepare a multiple-step income statement for Holler, Inc. for the year ended December 31, 2021. b. Prepare a single step income statement for Holler, Inc for the year ended December 31,2021.
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