Simple Income Statement You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity.

The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019:

Loss on sale of land	$4,200
Cost of goods sold	$149,000
Sales (net)	$215,500
Operating expenses	$45,500

12,000 shares of common stock were outstanding the entire year.

Required:

Assuming a 30% income tax rate on all items of income, prepare Dibbs 2019 income statement using a multiple-step format. Round earnings per share computations to two decimal places.

DIBB COMPANY
Income Statement (Multiple-Step)
For Year Ended December 31, 2019
Sales (net)	$fill in the blank 8992c2f93f82feb_2
Cost of goods sold	fill in the blank 8992c2f93f82feb_4
Gross profit	$fill in the blank 8992c2f93f82feb_6
Operating expenses	fill in the blank 8992c2f93f82feb_8
Operating income	$fill in the blank 8992c2f93f82feb_10
Other items
Loss on sale of land	fill in the blank 8992c2f93f82feb_12
Income before income tax	$fill in the blank 8992c2f93f82feb_13
Income tax expense	fill in the blank 8992c2f93f82feb_15
Net income	$fill in the blank 8992c2f93f82feb_17
Components of Income	EPS
Net income	$fill in the blank 8992c2f93f82feb_19

Feedback

Assuming a 30% income tax rate on all items of income, prepare Dibbs 2019 income statement using a single-step format. Round earnings per share computations to two decimal places.

DIBB COMPANY
Income Statement (Single-Step)
For Year Ended December 31, 2019
Revenues
Sales (net)		$fill in the blank 40f20500bfa0f94_2
Expenses
Cost of goods sold	$fill in the blank 40f20500bfa0f94_4
Operating expenses	fill in the blank 40f20500bfa0f94_6
Loss on sale of land	fill in the blank 40f20500bfa0f94_8
Income tax expense	fill in the blank 40f20500bfa0f94_10
Total expenses		fill in the blank 40f20500bfa0f94_11
Net income		$fill in the blank 40f20500bfa0f94_13
Components of Income		EPS
Net income		$fill in the blank 40f20500bfa0f94_15