The following are selected items for Albertson Company as of
The following are selected items for Albertson Company as of December 31, 2016:
The merchandise inventory on December 31, 2016, is $31,000. Ten thousand shares of common stock have been outstanding the entire year. Albertson uses a periodic inventory system.
Required:
Assuming a 30% income tax rate on all items of income, prepare Albertson’s 2016 income statement using
(1) A multiple-step format and
(2) A single-step format.
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