The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises

Question:

The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the year ended December 31, 2012:
The following income statement items, arranged in alphabetical order, are

Required
1. Prepare a single-step income statement for the year ended December 31, 2012.
2. What weaknesses do you see in this form for the income statement?

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