Single-Step Income Statement The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the year ended December 31, 2008:

Required 1. Prepare a single-step income statement for the year ended December 31, 2008.
2. What weaknesses do you see in this form for the income statement?

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