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Prepare Dibb income statement using single-step format

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Problem - Simple Income Statement - The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019:

Loss on sale of land $5,000 Sales (net) $198,000

Cost of goods sold 130,000 Operating expenses 45,000

Twelve thousand shares of common stock were outstanding the entire year.

Required - Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using

(1) a multiple-step format

(2) a single-step format.

Reference no: EM132880343

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