Transcribed Image Text
Preparing a Single-Step and a Multiple-Step IncomeStatementThe following selected items are taken from the adjusted trialbalance of Amick Corp. at December 31, 2020.Sales revenue$380,000Cost of goods sold230,000Dividends received on investment in stocks2,600Interest expense1,680Loss on sale of investments19,200Promotion expense6,000Shipping expense10,000Depreciation (50% selling, 50% general and administrative)8,000Salaries (general and administrative)32,000Other general and administrative expenses9,200Salaries (selling)34,120Interest revenue1,000Income tax rate25%Common stock10,000 sharesRequireda. Prepare a single-step income statement (includingearnings per share). Include income taxes in its own section.b. Prepare a multiple-step income statement (includingearnings per share).Enter revenues and gains and expenses and losses in the orderof the largest dollar amount to the smallestdollar amount.Do not use negative signs with any of your answers.Round the per share amount to two decimal places