Question

CALCULATOR FULL SCREEN PRINTER VERSION <BACK RESOURCES er 4 HW 4-02 4-03 2 4-04 Brief Exercise 4-02 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky's tax rate 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2020. Prepare a single-step in statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) BRISKY CORPORATION Income Statement by Study

Answer 1

Solution BRISKY CORPORATION Tucome Statement For the Year Ended December 31, 2020 Revenues: Met Sales $2400,000 Interest Revenue $ 31,000 Total Revenues $2431,000 Expenses: Cast of Goods Sold $1450.000 Administrative Expenses $ 212,000 Selling Expenses $ 280,000 Interest Expense $ 45000 Income Tax Expease $133,200 Total Expenses $2120200 Met Jucome / (Loss) $310,800 Earnings per Share $4,44 ($310,800/70.000 Sheres) Working Mote & Calculation of Jurame Tax Expense Julome Tax Expense = ($24310001-1 $14 50000 --- $212.000 1 $280,000 (-) $45000) X 30% Income Tax Expease = $133,200