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Robert Weede Corporation was incorporated and began business on January 1, 2011. It has began successful and now requires a bank loan for additional working capital to finance expansion. The bank has requested an audited income statement for the year 2003. The accountant for Robert Weeded corporation provides you with the following income statement which Robert Weeded plans to submit to the bank.

Slaes 1,250,000
Dividend Revenue 48400
gain on recovery 56,800

Less:
cost of good s Sold $670,000
Selling Expenses 131,400
Advertising expense 15,300
Loss on obsolescence of inventories 44,000
Loss on discontinued operations 61,200
Administrative expenses 97,100
1,020,000

Income before income tax 335,200
Income tax 107,264
Net Incom e227,936

Indicate the deficiencies in the income statement presented above. Assume that the corporation desires a single step income statement

Prepare a single step income statement, in good form, that the Robert Weed corporation should submit to the bank. Assume the average number of common shares outstanding for the year is 100,000.

 

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