Preparing the single-step income statement Refer to the data in Exercise 14-5. JK Produ...

Preparing the single-step income statement

Refer to the data in Exercise 14-5. JK Products’ cost of goods sold was $282,350 for 2010. Prepare a single-step income statement for the year ending December 31, 2010.

Reference Exercise 14-5:

Preparing the multiple-step income statement

JK Products reports the following adjusted trial balance at December 31, 2010, the end of its first year of operations. Prepare a multiple-step income statement for the year ending December 31, 2010.