Single-step income statement

Reference no: EM13953330

Single-Step Income Statement

The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year:

Advertising expense	$ 9,000	Rent expense-office	$ 26,400
Cost of goods sold	150,000	Rent expense-salesperson's car	18,000
Depreciation expense-computer	4,500	Sales revenue	350,000
Dividend revenue	2,700	Supplies expense-office	1,300
Income tax expense	30,700	Utilities expense	6,750
Interest expense	1,900	Wages expense-office	45,600
Required

1. Prepare a single-step income statement for the current year.

2. What weaknesses do you see in this form for the income statement?

Reference no: EM13953330

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