Skysong Corporation had net sales of $2,406,400 and interest revenue of $40,100 during 2020. Expenses for 2020 were cost of goods sold $1,461,200, administrative expenses $220,800, selling expenses $285,300, and interest expense $53,200. Skysong’s tax rate is 30%. The corporation had 104,400 shares of common stock authorized and 73,520 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Single Step Income Statement | ||
For the year ended December 31,2020 | Amount $ | |
Revenues | ||
Net Sales | 2,406,400 | |
Interest Revenue | 40,100 | |
Total Revenues | 2,446,500 | |
Expenses:- | ||
Cost of goods sold | 1,461,200 | |
Adminstrative expenses | 220,800 | |
Selling Expenses | 285,300 | |
Interest Expense | 53,200 | |
Total Expenses | 2,020,500 | |
Income Before Tax | 426,000 | |
Less: Income tax @30% | 127,800 | |
Net Income | 298,200 | |
Earnings per share | $ 4.06 | |
(298,200 / 73,520 ) | ||
Skysong Corporation had net sales of $2,406,400 and interest revenue of $40,100 during 2020. Expenses for...
Skysong Corporation had net sales of $2,406,400 and interest revenue of $40,100 during 2020. Expenses for 2020 were cost of goods sold $1,461,200, administrative expenses $220,800, selling expenses $285,300, and interest expense $53,200. Skysong's tax rate is 30%. The corporation had 104,400 shares of common stock authorized and 73,520 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, eg. 1.48.)
Marigold Corporation had net sales of $2,400,900 and interest revenue of $37,400 during 2020. Expenses for 2020 were cost of goods sold $1,466,300, administrative expenses $221,700, selling expenses $298,700, and interest expense $45,300. Marigold’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 74,370 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) Create an Income...
Coronado Corporation had net sales of $2,409,000 and interest revenue of $35,100 during 2020. Expenses for 2020 were cost of goods sold $1,452,700, administrative expenses $215,700, selling expenses $287,700, and interest expense $49,800. Coronado’s tax rate is 30%. The corporation had 102,700 shares of common stock authorized and 70,560 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Coronado Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Brief Exercise 4-02 Crane Corporation had net sales of $2,417,100 and interest revenue of $37,500 during 2020. Expenses for 2020 were cost of goods sold $1,452,900, administrative expenses $221,200, selling expenses $282,700, and interest expense $45,100. Crane’s tax rate is 30%. The corporation had 105,100 shares of common stock authorized and 72,270 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Question 1 Coronado Corporation had net sales of $2,418,100 and interest revenue of $35,500 during 2020. Expenses for 2020 were cost of goods sold 51,464,000, administrative expenses $218,900, selling expenses $300,000, and interest expense $45,500. Coronado's tax rate is 30%. The corporation had 105,300 shares of common stock authorized and 71,830 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) conOSIADO...
III Question 1 of 5 -/1 Sunland Corporation had net sales of $2,425,800 and interest revenue of $38,200 during 2020. Expenses for 2020 were cost of goods sold $1.458,200, administrative expenses $212,600, selling expenses $282,100, and interest expense $46,400. Sunland's tax rate is 30%. The corporation had 109,600 shares of common stock authorized and 70.210 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal...
need help plss Crane Corporation had net sales of $2.406,100 and interest revenue of $33,400 during 2020. Expenses for 2020 were cost of goods sold $1.450.300, administrative expenses $214.900, selling expenses $290,300, and interest expense $46.200. Crane's tax rate is 30%. The corporation had 102,100 shares of common stock authorized and 70.750 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Crane Corporation (Round earnings per share to 2 decimal places, eg. 1.48.)
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for 2020 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200. Skysong’s tax rate is 30%. The corporation had 100,400 shares of common stock authorized and 70,220 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SKYSONG CORPORATION Income Statement choose the...
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
Swifty Corporation had net sales of $2,407,400 and interest revenue of $40,400 during 2020. Expenses for 2020 were cost of goods sold $1,458,700, administrative expenses $218,400, selling expenses $281,400, and interest expense $48,000. Swifty’s tax rate is 30%. The corporation had 104,200 shares of common stock authorized and 72,630 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Swifty Corporation. Net Sales Cost of Goods Sold Gross Profit/(Loss) Selling Expenses Administrative Expenses Other Revenues and Gains...