Chapter 4, Problem 4.1BE

To determine

Single-step income statement:

Single–step income statement is a statement showing all revenues and gains in single sub-totals and all expenses and losses in single sub-totals, with a net income or loss reported at the bottom of the statement. Generally, this single-step income statement is used by businesses that have relatively simple operations. 

To prepare: The single step income statement of Corporation PS for the year ended December, 31 2016.