Components of Income Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places. DIBB Company Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Sales (net) Expenses Total expenses Components of Income EPS
Components of Income Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places. DIBB Company Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Sales (net) Expenses Total expenses Components of Income EPS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ЕPS
Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places.
DIBB Company
Income Statement (Single-Step)
For Year Ended December 31, 2016
Revenues
Sales (net)
Expenses
Total expenses
Components of Income
ЕPS"
Transcribed Image Text:Components of Income
ЕPS
Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places.
DIBB Company
Income Statement (Single-Step)
For Year Ended December 31, 2016
Revenues
Sales (net)
Expenses
Total expenses
Components of Income
ЕPS

Transcribed Image Text:Simple Income Statement
The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016:
Loss on sale of land
$5,100
Cost of goods sold $198,000
Sales (net)
$265,200
Operating expenses $47,700
12,000 shares of common stock were outstanding the entire year.
Required:
Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a multiple-step format. Round earnings per share computations to two decimal places.
DIBB Company
Income Statement (Multiple-Step)
For Year Ended December 31, 2016
Sales (net)
Cost of goods sold
Gross profit
Operating expenses
Other items
Loss on sale of land
Income before income tax
Income tax expense
Net income
Components of Income
EPS
$
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