The following information for Decher Automotives covers the year ended 2010:
|
Administrative expense |
$62,000 |
|
Dividend income |
10,000 |
|
Income taxes |
100,000 |
|
Interest expense |
20,000 |
|
Merchandise inventory, 1/1 |
650,000 |
|
Merchandise inventory, 12/31 |
440,000 |
|
Flood loss (net of tax) |
30,000 |
|
Purchases |
460,000 |
|
Sales |
1,000,000 |
|
Selling expenses |
43,000 |
Required
a. Prepare a multiple step income statement.
b. Assuming that 100,000 shares of common stock are outstanding, calculate the earnings per share before extraordinary items and the net earnings per share.
c. Prepare a single step income statement.