Income before income tax$4Income tax expenseNet incomeComponents of IncomeЕPSNet incomeFeedbackAssuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share computations to two decimal places.DIBB COMPANYIncome Statement (Single-Step)For Year Ended December 31, 2019RevenuesSales (net)223,600ExpensesCost of goods sold148,000Operating expensesLoss on sale of landIncome tax expenseTotal expensesNet incomeComponents of IncomeЕPSNet income Simple Income StatementYou may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity.The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019:Loss on sale of land$5,800Cost of goods sold $148,000Sales (net)$223,600Operating expenses $47,00012,000 shares of common stock were outstanding the entire year.Required:Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a multiple-step format. Round earnings per share computations to two decimal places.DIBB COMPANYIncome Statement (Multiple-Step)For Year Ended December 31, 2019Sales (net)223,600Cost of goods sold148,000Gross profit75,600 VOperating expensesOperating incomeOther itemsLoss on sale of landIncome before income tax

EPS= Net Income/ No of Common stock outstanding

Answered: Assuming a 30% income tax rate on all…

Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share computations to two decimal places. DIBB COMPANY

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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