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, 2010:

Advertising expense $ 9,000 Cost of goods sold 150,000 Depreciation expense—computer 4,500 Dividend revenue 2,700 Income tax expense 30,700 Interest expense 1,900 Rent expense—offi ce $ 26,400 Rent expense—salesperson’s car 18,000 Sales revenue 350,000 Supplies expense—offi ce 1,300 Utilities expense 6,750 Wages expense—offi ce 45,600 Required 1. Prepare a single-step income statement for the year ended December 31, 2010.
2. What weaknesses do you see in this form for the income statement?AppendixLO1