The following are selected accounts taken from the adjusted trial balance of the Dibb Company on December
Question:
The following are selected accounts taken from the adjusted trial balance of the Dibb Company on December 31, 2007:
Loss on sale of land ....... $ 5,000
Cost of goods sold .........130,000
Sales (net) ........... $198,000
Operating expenses ........ 45,000
Extraordinary gain (pretax) ..... 6,000
Twelve thousand shares of common stock were outstanding the entire year.
Required
Assuming a 30% income tax rate on all items of income, prepare a 2007 income statement for Dibb Company using
(1) A multiple-step format and
(2) A single-step format.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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