Solution-Prepare a single-step income statement

Prepare a single-step income statement

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Reference no: EM13535469

The following information for Decher Automotives covers the year ended 2010:

Administrative expense	$62,000
Dividend income	10,000
Income taxes	100,000
Interest expense	20,000
Merchandise inventory, 1/1	650,000
Merchandise inventory, 12/31	440,000
Flood loss (net of tax)	30,000
Purchases	460,000
Sales	1,000,000
Selling expenses	43,000

Required

a. Prepare a multiple-step income statement.

b. Assuming that 100,000 shares of common stock are outstanding, calculate the earnings per share before extraordinary items and the net earnings per share.

c. Prepare a single-step income statement.

Reference no: EM13535469

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Prepare a single-step income statement

Reference no: EM13535469

Reference no: EM13535469

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