Reference no: EM132880354

Problem - Multiple-Step and Single-Step Income Statements- The following items were derived from Gold Company's December 31 adjusted trial balance:

Cost of goods sold $101,000 Loss from strike (pretax) $9,000

Sales 195,000 Selling expenses 28,000

General and administrative expenses 20,000 Interest revenue 4,000

Additional data:

1. Seven thousand shares of common stock have been outstanding the entire year.

2. The income tax rate is 30% on all items of income.

Required -

1. Prepare a multiple-step income statement.

2. Prepare a single-step income statement.

3. Discuss how Gold Company's income statement in Requirement 1 might be different if it used IFRS.