The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year: Required 1. Prepare a single-step income statement for the...

The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year:

Required

1. Prepare a single-step income statement for the current year.

2. What weaknesses do you see in this form for the income statement?