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You may use the attached spreadsheet to help you complete this activity, but you are...

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Accounting

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 $4,100
Cost of goods sold $192,000
Sales (net) $261,300
Operating expenses $41,200
12,000 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.
DIBB Company
Income Statement (Multiple-Step)
For Year Ended December 31,2016
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.
DIBB Company
Income Statement (Single-Step)
For Year Ended December 31,2016
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