FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Simple Income Statement
You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the
green Excel icon in the upper left hand corner of the activity.
The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019:
Loss on sale of land. $4,000
Cost of goods sold
$127,000
Sales (net)
$220,600
Operating expenses $50,000
12,000 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 a multiple-step format. Round earnings per share
computations to two decimal places.
DIBB COMPANY
Income Statement (Multiple-Step)
For Year Ended December 31, 2019
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Transcribed Image Text:Simple Income Statement You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019: Loss on sale of land. $4,000 Cost of goods sold $127,000 Sales (net) $220,600 Operating expenses $50,000 12,000 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 a multiple-step format. Round earnings per share computations to two decimal places. DIBB COMPANY Income Statement (Multiple-Step) For Year Ended December 31, 2019
1
Other items
Income before income tax $
Components of Income EPS
Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share
computations to two decimal places.
DIBB COMPANY
Income Statement (Single-Step)
For Year Ended December 31, 2019
Revenues
Expenses
Y
Components of Income EPS
Expenses
CDICILI
Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share
computations to two decimal places.
DIBB COMPANY
Income Statement (Single-Step)
For Year Ended December 31, 2019
Revenues
Total expenses
Components of Income
0000
EPS
expand button
Transcribed Image Text:1 Other items Income before income tax $ Components of Income EPS Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share computations to two decimal places. DIBB COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Revenues Expenses Y Components of Income EPS Expenses CDICILI Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share computations to two decimal places. DIBB COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Revenues Total expenses Components of Income 0000 EPS
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