Single-step income statement.

Presented below is an income statement for Kinder Company for the year ended December 31, 2014.

Kinder Company

Income Statement

For the Year Ended December 31, 2014

Net sales $800,000

Costs and expenses:

Cost of goods sold 560,000

Selling, general, and administrative expenses 70,000

Other, net 30,000

Total costs and expenses 660,000

Income before income taxes 140,000

Income taxes 42,000

Net income $98,000

Additional information:

1. "Selling, general, and administrative expenses" included a usual but infrequent charge of $7,000 due to a loss on the sale of investments.

2. "Other, net" consisted of interest expense, $10,000, and an extraordinary loss of $20,000 before taxes due to earthquake damage. If the extraordinary loss had not occurred, income taxes for 2014 would have been $48,000 instead of $42,000.

4. Kinder had 20,000 shares of common stock outstanding during 2014.

Instructions

Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures.

Two Income Statement Formats Candy Store Co. Income Statement For the year ended December 31, Candy Store Co. Income Statement For the year ended December 31, 20x1 Revenues: Sales Revenue Rent Revenue Total Revenues $ 100 30 $ 70 $100 Sales Revenue Less: Cost of Goods Sold Gross Margin 2 102 Operating Expenses: Wages Expense Expenses: Cost of Goods Sold Wages Expense Rent Expense Utilities Expense Advertising Expense Income Tax Expense Total Expenses Net Income 20 30Rent Expense 20 Utilities Expense Advertising Expense Operating Income $ 41 3 other Revenues and Expenses Other Revenues and Expenses: Rent Revenue Income Before Taxes Income Tax Expense Net income Earnings Per Share 10 2 S 43 10 $ 33 0.033 69 Single-Step Net oe Multi-Step