selected items for Albertson Company as of December 31, 2016 Simple Income Statement The following are E5-2 $100,000 22,000 $63,000 20,000 5,000 Sales (net) Operating expenses LO 5.4 Purchases (ne) Merchandise inventory, January 1, 2016 Gain on sale of equipment on December 31, 2016, is $31,000. Ten thousand shares of common stock have be The merchandise inventory outstanding the entire year. Albertson uses a periodic inventory system. Required: Assuming a 30 % income tax rate on all items of income, prepare Albertson's 2016 income statement using (1) a multiple-step format and (2) a single-step format. Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances E5-4 L05.4 taken from its December 31, 2016, adjusted trial balance: 43,000 35,000 100,000 250,000 22,000 $3,500 4,000 2,000 7,000 5,000 Purchases returns Interest expense Sales discounts taken Gain on sale of property (pretax) Freight-in Inventory, January 1, 2016 Selling expenses Purchases Sales General and administrative expenses Additional data: 1. A physical count reveals an ending inventory of $22,500 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30 % on all items of income. December 31, 2016. on Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuch's cost of goods sold. 2. Prepare a 2016 multiple-step income statement. 3. Prepare a 2016 single-step income statement