Question: Prepare a single-step income statement for the year ended December 31, 2012. Include earnings per share for earnings before extraordinary items and net income. Prepare

Prepare a single-step income statement for the year ended December 31, 2012. Include earnings per share for earnings before extraordinary items and net income.

Prepare a multiple-step income statement. Include earnings per share for earnings before extraordinary items and net income.

Barbie Inc. Information ending Dec 31, 2012, assume 40% corporate tax rate on all items including casualty losses

Sales	$670,000.00
Rental income	$3,600.00
Gain on the sale of fixed assets	$3,000.00
General and administrative expenses	$110,000.00
Selling expenses	$97,000.00
Interest expense	$1,900.00
Depreciation for the period	$10,000.00
Extraordinary item (casualty losspretax)	$30,000.00
Cost of sales	$300,000.00
Common stock (30,000 shares outstanding)	$150,000.00

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