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. Simple Income Statement

The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016:

Loss on sale of land	$5,000
Cost of goods sold	$130,000
Sales (net)	$198,000
Operating expenses	45,000

Twelve thousand shares of common stock were outstanding the entire year.

Required:

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a multiple-step format. Round earnings per share computations to two decimal places.

(MULTIPLE-STEP INCOME)

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places.

(SINGLE-STEP INCOME)

DIBB COMPANY Income Statement (Multiple-Step) For Year Ended December 31, 2016 $ Other items Income before income tax $ Components of Income EPS DIBB COMPANY Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Expenses $ Total expenses Components of Income EPS