Answer:
<h2> Dibb Company</h2><h2> Income Statement </h2><h2> December 31, 2016</h2>
Revenues and gains
Sales revenues (net) <u>$198,000</u>
Total revenues and gains $198,000
Expenses and losses
Cost of goods sold ($130,000)
Loss on sale of land <u> ($5,000)</u>
Total expenses and losses ($135,000)
Net income before taxes $63,000
Income taxes <u>($18,900)</u>
Net income <u>$44,100</u>
Explanation:
A multi-step income statement uses multiple calculations to determine the company's net income, therefore, it is more detailed than single step income statements. In this case, the accounts included were really few, so the income statement is relatively simple.
