BE 1 Starr Co. had sales revenue of $540,000 in 2012. Other items recorded during the year were:
|
Cost of goods sold |
$330,000 |
|
Salaries and wages expense |
120,000 |
|
Income tax expense |
25,000 |
|
Increase in value of company reputation |
15,000 |
|
Other operating expenses |
10,000 |
|
Unrealized gain on value of patents |
20,000 |
Prepare a single step income statement for Starr for 2012. Starr has 100,000 shares of stock outstanding.