Question

Nash Corporation had net sales of $2,420,000 and interest revenue of $40,900 during 2017. Expenses for 2017 were cost of goods sold $1,453,900, administrative expenses $221,800, selling expenses $296,100, and interest expense $51,900. Nash’s tax rate is 30%. The corporation had 105,200 shares of common stock authorized and 74,850 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

NASH CORPORATION Income Statement Net Sales

LiST OF OPTIONS AND ACCOUNTS:

Answer 1

Answers

Income Statement
for the year ending Dec 31
Net Sales		$2,420,000
Cost of Goods Sold		$1,453,900
Gross Profits		$966,100
Administrative expenses	$221,800
Selling expense	$296,100
		$517,900
Income from Operations		$448,200
Other revenues & gains
Interest Revenue	$40,900
Other expenses & losses
Interest Expense	$51,900
		($11,000)
Income before Income taxes		$437,200
Income tax expense [437200 x 30%]		$131,160
Net Income / (Loss)		$306,040
Earnings per share [$306040 / 74850 shares outstanding]		$                    4.09