Multistep income statement
In 2011, Grice Incorporated sold land for $95,000 cash. The land had originally cost $50,000. Also, Grice sold inventory that had cost $200,000 for $275,000 cash. Operating expenses amounted to $52,000.
Required
a. Prepare a 2011 multistep income statement for Grice Incorporated.
b. Assume that normal operating activities grow evenly by 10% during 2012. Prepare a 2012 multistep income statement of Grice Incorporated.
c. Determine the percentage change in net income between 2011 and 2012.
d. Should the stockholders have expected the results determined in requirement "c"? Explain your answer.
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