Multiple Step and Single Step Income Statements, and Statement of Comprehensive Income On December 31, 2007 the Adandt Company listed the following items in its adjusted trial balance:
|
Extraordinary loss (pretax) |
$8,000 |
|
Interest revenue |
2,500 |
|
Sales returns and allowances |
3,000 |
|
Selling expenses |
14,000 |
|
Cost of goods sold |
95,000 |
|
Loss on sale of equipment (pretax) |
$2,000 |
|
General and administrative expenses |
17,000 |
|
Sales |
163,000 |
|
Unrealized decrease in value of available for sale securities |
1,800 |
Additional data:
1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.
Required
1. Prepare a 2007 multiple step income statement.
2. Prepare a 2007 single step income statement.
3. Prepare a 2007 statement of comprehensive income.