8 4 AC 184 Chapter 4 Income Statement and Related Information Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales $135,900 51,700 496,000 980,000 Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared 65,000 16,000 There were 20,000 shares of common stock outstanding during the year Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss