The following income statements were provided by Chisholm Company, a wholesale food distributor: Required 1. Identify each
Question:
Required
1. Identify each income statement as either single- or multiple-step format.
2. Restate each item in the income statements as a percentage of sales. Why did net income remain unchanged when sales increased in2010?
Transcribed Image Text:
2010 2009 Sales Cost of sales Sales salaries Delivery expense Office supplies Depreciation-truck Computer line expense Total expenses Net income $612,000 427,000 180,000 55,000 40,000 $1,500,000 S 450,000 398,000 175,000 54,000 40,000 20,000 $1.137,000 S 363.000 $ 363,000
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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