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.