The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016: Twelve

Question:

The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016:

Twelve thousand shares of common stock were outstanding the entire year.

Required:
Assuming a 30% income tax rate on all items of income, prepare Dibb's 2016 income statement using
(1) A multiple-step format and
(2) A single-step format.

Common Stock
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...