ACCounting (Canadian) -

Exercise 5-8 - PREPARE A SINGLE-STEP INCOME STATEMENT

The following selected accounts from the Okanagan Corporations general ledger are presented below for the year ended October 31, 2015:

Advertising expense		$54,200
Common shares		249,260
Cost of goods sold		1,084,500
Depreciation expense		124,100
Dividends		150,800
Freight out		24,700
Income tax expense		69,940
Insurance expense		14,160
Interest expense		69,940
Interest revenue		30,310
Merchandise inventory		68,530
Rent revenue		24,640
Retained earnings		535,100
Salaries expense		674,900
Sales		2,405,000
Sales discounts		8,955
Sales returns and allowances		41,240
Unearned revenue		8,600