Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance:

Additional data:
1. A physical count reveals an ending inventory of $22,500 on December 31, 2016.
2. Twenty-five thousand shares of common stock have been outstanding the entire year.
3. The income tax rate is 30% on all items of income.
Required:
1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuch€™s cost of goods sold.
2. Prepare a 2016 multiple-step income statement.
3. Prepare a 2016 single-step income statement.

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Inventory, January 1, 2016 Selling expenses Purchases Sales General and administrative expenses 43,000 ases returns 35,000 nterest expense 100,000 discounts taken 250000 Gain on sale of property (pretax) 22,000 Freigh-in $3,500 4,000 2,000 7,000 5,000