Prepare single-step income statement for the year ended

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Reference no: EM13876121

Prepare a single-step income statement for the year ended December 31, 2012. Include earnings per share for earnings before extraordinary items and net income.

Prepare a multiple-step income statement. Include earnings per share for earnings before extraordinary items and net income.

Barbie Inc. Information ending Dec 31, 2012, assume 40% corporate tax rate on all items including casualty losses

Sales $670,000

Rental income 3,600

Gain on the sale of fixed assets 3,000

General and administrative expenses 110,000

Selling expenses 97,000

Interest expense 1,900

Depreciation for the period 10,000

Extraordinary item (casualty loss—pretax) 30,000

Cost of sales 300,000

Common stock (30,000 shares outstanding) 150,000

Reference no: EM13876121

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