Prepare income statement multi-step

Prepare income statement single-step

You may the attached greadsheet to help you complete this activity, but you are not regured to do so. You wa nd the spreadsheet by dong on the green een scon in the upper left hand one of the act Simple Income Statement The following are selected items for Albertson Company as of December 31, 2016 $63,000 100,000 Purchases (net) Sales (net) Merchandise inventory, January 1, 2016 $20,000 Operating expenses Gain on sale of equlpment The merchandise inventory on December 31, 2016, is $31,000. Ten thousand shares of common stock have been outstanding the entire year. Albertson uses a periodic inventory system Required: Assuming a 30% income tax rate on ar tens of income, prepare a 2016 income statement nor Abertson Company using a mueple step format. Round eanings per share computations tothe nearest o $22,000 5,000 LBERTSON COMPANY Income Statement (Multi Step) Sales (net) Cost of goods sold For Year Ended December 31,2016 Sales (net) Cost of goods sold Other items Components of Income EPS Assuming a 30% income tax rate on all items of income, prepare a 2016 incomn statement for Abertson Company using single step form at. Rond earn s per share computations to the nearest cent. ALDERTSON COMPANY Income Statement (Single-Step) Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Albertson Company using a single-step format. Round eamings per share computations to the nearest cent ALBERTSON COMPANY Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Total revenues Expenses Total expenses EPS Components of Income