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aus.com/courses/36420/assignments/4069479 Current Attempt in Progress # B Two accountants for the form of Elwes and Wright ar
com/courses/36420/ mets/4060470 Prepare an income statement for the year 2017 using the multiple step form Round earnings per
s.comcourses/36420/assignment 40149 Salaries and Expense Derett acer
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Answer #1

Solution:

In the books of Whispering Company
Multiple Income Statement
For the year ended 2017
Net Sales $96,572
Less: Cost of Goods Sold $60,642
Gross profit $35,930
Less: Operating Expense
Selling Expenses
   Delivery Expense $2,762
   Sales Commission $8,052
   Depreciation $6,552
Total Selling Expenses $17,366
Administrative Expense
   Officers Salaries $4,972
   Depreciation $4,032
   Other administrative expenses    -
Total Administrative Expenses $9,004
Total Operating Expense $26,370
Operating Income $9,560
Add (Less) Non Operating Items
Rental Revenue $17,302
Interest Expense $1,932 $15,370
Income Before Taxes $24,930
Income Tax Expense $9,142
Net Income $15,788
Shares Outstanding 40550
Earning per share $0.39
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