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Preparation of the single-step and multiple-step income statement
The following data were taken from the records of Motion Data Inc at December 31, 20D
Sales Revenue
$120,000
Administration expense
10,000
Selling expense
18,000
Income tax rate
25%
Gross margin (profit ratio)
40%
Shares outstanding
2,000
1. Prepare a complete single-step income statement for the company (including pretax income, and earnings per share)
2. Prepare a complete multiple-step income statement for the company (including gross margin, pretax income, and earnings per share)
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