Question

blue corporation had not sales of $2,401,600 and interest revenue of $36,800 during 2020. Expenses for 2020 were cost of goods sold $1,458,600, administrative expenses $214,300, selling expenses $280,600, and interest expense $53,100. Blue's tax rate is 30%. The corporation had 103,100 shares of common stock authorized and 75,000 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement

Answer 1

Answer

--Requirement, as asked

Condensed Multi Step Income Statement
for the year ending 31 Dec 2020
Net Sales		$2,401,600
Cost of Goods Sold		$1,458,600
Gross Profits		$943,000
Operating Expense:
Administrative expense	$214,300
Selling expense	$280,600
Total Operating expense		$494,900
Income from operation		$448,100
Other revenues & expenses:
Interest revenue	$36,800
Interest Expense	$53,100 [this is to be deducted]	($16,300)
Net Income before income tax		$431,800
Income tax expense ($431800 x 30%)		$129,540
Net Income		$302,260
Earnings per share	[$302260 / 75000 shares]	$4.03