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This one is tricky. Please help. And show steps Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the
This one is tricky. Please help. And show steps
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 $1,900,000 Cost of goods sold 1,150,000 Dividends received on investment in stocks 13,000 Interest expense 8,400 Loss on sale of investments 96,000 Promotion expense 30,000 Shipping expense 50,000 Depreciation (50% selling, 50% general and administrative) 40,000 Salaries (general and administrative) 160,000 Other general and administrative expenses 46,000 Salaries (selling) 170,600 Interest revenue 5,000 Income tax rate 2596 Common stock 20,000 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. Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. Single-step Multiple-step > > > a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. Amick Corp. Income Statement For the Year Ended December 31, 2020 Revenues and gains Sales revenue $ 1,900,000 Dividend revenue 13,000 Interest revenue 5,000 Total revenues and gains 1.918,000 Expenses and losses Cost of goods sold 1,150,000 Salaries expense Depreciation expense Interest expense Promotion expense Shipping expense Promotion expense 30,000 Loss on sale of investments Total expenses and losses Income before income taxes Income tax expense Net income 0x Earnings per share Please answer all parts of the question. > x X OX OX X 1) x OX OX > > OX $ 1 $ OX 0 X 0X OX . > OX OX 0X b. Prepare a multiple-step income statement (including earnings per share). Amick Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue $ OX Cost of goods sold Gross profit Operating expenses Selling expenses: Salaries expense $ OX Shipping expense Promotion expense Depreciation expense General and administrative expenses: Salaries expense Other general and administrative expenses Depreciation expense 0 X Total operating expenses Operating income 0X Other expenses and losses OX Dividend revenue Interest revenue Loss on sale of investments Interest expense 0 X Income before income taxes 0X Income tax expense Net income $ Earnings per share Please answer all parts of the question. 0X OX X x X 0 X 0 X 0X . > >> OX 0X $Step by Step Solution
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