The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the year ended December 31, 2010:

Required
1. Prepare a single-step income statement for the year ended December 31, 2010.
2. What weaknesses do you see in this form for the income statement?

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$ 9,000 Rent expense -office Advertising expense Cost of goods sold Depreciation expense-computer Dividend revenue Income tax expense Interest expense s 26,400 150,000 ent expense -salesperson's car 18,000 350,000 1,300 6,750 45,600 4,500 2,700 Supplies expense office Sales revenue 30,700 Utilities expense 1,900 Wages expense office