The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the year ended December 31, 2012:

Required
1. Prepare a single-step income statement for the year ended December 31, 2012.
2. What weaknesses do you see in this form for the income statement?

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Advertising expense Commissions expense Cost of goods sold Depreciation expense-office $1,500 2,415 29,200 Interest expense Interest revenue Rent revenue Salaries and wages $ 1,400 1,340 6,700 building Income tax expense Insurance expense 2,900 1,540 expense- office Sales revenue Supplies expense-office 12,560 48,300 890 salesperson's auto 2,250