Preparing a Single-Step and a Multiple-Step Income Statement

The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020.

Sales revenue	$380,000
Cost of goods sold	230,000
Dividends received on investment in stocks	2,600
Interest expense	1,680
Loss on sale of investments	19,200
Promotion expense	6,000
Shipping expense	10,000
Depreciation (50% selling, 50% general and administrative)	8,000
Salaries (general and administrative)	32,000
Other general and administrative expenses	9,200
Salaries (selling)	34,120
Interest revenue	1,000
Income tax rate	25%
Common stock	10,000 shares

Required

a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section.

b. Prepare a multiple-step income statement (including earnings per share).

• Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount.
• Do not use negative signs with any of your answers.
• Round the per share amount to two decimal places