Question: The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016: Twelve thousand shares of common stock were outstanding the

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

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

Required:
Assuming a 30% income tax rate on all items of income, prepare Dibb's 2016 income statement using
(1) A multiple-step format and
(2) A single-step format.

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

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