You have been tasked with preparing the statement of income for Tulipe Company, a public company with 45,000 common shares outstanding. The board of directors has not yet determined whether they prefer the look of a single-step income statement, or a multi-step income statement. The following information has been provided for the year ended 20X9 (in millions of Canadian dollars):

Administrative expenses	$1,367
Commissions expense	5,140
Cost of goods sold	48,220
Depreciation and amortization	6,740
Impairment of long-lived assets	302
Income tax expense	3,045
Interest expense	1,965
Interest income	2,041
Salaries expense	4,204
Sales	83,400
Selling expenses	3,450

Required:

a. Prepare an income statement for Tulipe for the year ended December 20X9 using:

b. Single-step income statement format

c. Multi-step income statement format

d.Calculate basic earnings per share.

Hoskins & Sells is a partnership that was established in March 20X6. If a partner decides to leave the partnership, the value of her or his partnership share will be determined by the net book value of the partnerships net assets at the end of the last-preceding fiscal year.

The following transactions and events occurred during 20X6, in thousands of dollars:

Acquired land for $200 and constructed a building at a cost of $800. Seventy percent of the cost of the land and building was financed with debt; the remainder was paid in cash. Hoskins expects to use the building productively for about 20 years, after which the company will sell the building and move to new premises. Hoskins will amortize the building at a declining-balance rate of 10% per year.

Purchased furniture for $60. The useful life for the furniture is expected to be 10 years; it will be amortized on a straight-line basis, assuming no residual value.

Had sales of $900 and operating and other expenses (excluding amortization) of $560. At the end of the period, 90% of the sales were collected and all expenses were paid.

At the end of the year, fair value less costs to sell for the assets were as follows:

Land, $220

Building, $775

Furniture, $45

Required:

How much is Hoskins & Sellss accounting income?

Calculate the economic income.

Compute the income using the cash basis of accounting.

Please help by answering all questions. I noticed some questions are left unanswered. Thank you.