Preparing a Single-Step Income Statement

The following information is from Atlanta Corp. for the 12 months ended December 31.

AccountSales revenue$800,000Cost of goods sold500,000Selling and administrative expenses150,000Interest expense5,000Gain on sale of short-term investments8,800

Prepare a single step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section.

Note: Do not use negative signs with any of your answers.

Atlanta Corp.Income StatementFor the Year Ended December 31Revenues and gainsCost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Expenses and lossesCost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains Cost of goods soldGain on sale of short-term investmentsIncome before income taxesIncome tax expenseInterest expenseNet incomeNet lossSales revenueSelling and administrative expensesTotal assetsTotal expenses and lossesTotal liabilitiesTotal liabilities and stockholders' equityTotal revenues and gains