Comparable and consistency in income statements The following statements were pr

Question

Comparable and consistency in income statements

The following statements were provides by Rajendram corp., a retailer:

rajendram Corp. income statement for the year ended December 31, 2017

The folowing income statements were provided by Rajencram Corp, a retailer 2017 Income Statement 2016 Income Statement $1,700,000 Sales $1,500000 450,000 398,000 175,000 53.000 Tofai selling and administrative expense $797,000 Cepreciation-building 40000 Sales Cost of sales Gross proft Selling expense Administrative eopense 520000 Cest of sales $1,180 000 Sales salaries $ 702000 Advertising 95000 Office supplies Delivery epens 20.000 1,136.000 $364,000 Total expenses Net income $383,000 Net income Required: . Identity each income statement as either single- ar multiple-step format 2017 income statement Multiple-step 2016 income slstement Single-stepV Feedbacik Check My Work Review the single step and multiple step income statements in the lext 2. Canwert the 2016 income statement to the same farmat as the 2017 income statement Rajendram Corp. Income Statement 1,500,000 450,000 1,050,000 Sales Cost of saies Gress prcfit Selling expenses Administrative expenses Total seling and administrative expenses Net incorme 288,000X 398,000 | 686,000 364,000 Feediack

Explanation / Answer

2) Income statement :

Sales 1500000 Cost of Sales 450000 Gross profit 1050000 Selling expense 593000 Administrative expense 93000 Total selling and administrative expense 686000 Net income 364000

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