Condensed Multi Step Income Statement | ||
for the year 2020 | ||
a)Net Sales | $2,406,100 | |
b)Cost of Goods Sold | $1,450,300 | |
c)Gross Profits (a-b) |
$955,800 | |
Operating Expense: | ||
d)Administrative expense | $214,900 | |
e)Selling expense | $290,300 | |
f)Total Operating expense (d+e) | $505,200 | |
g)Income from operation (c-f) | $450,600 | |
Other revenues & expenses: | ||
h)Interest revenue | $33,400 | |
I)Interest Expense | $46,200 [this is to be deducted] | ($12,800) |
Net Income before income tax | $437,800 | |
Income tax expense ($437800 x 30%) | $131,340 | |
Net Income | $306,460 | |
Earnings per share | [$306,460 / 70750 shares] |
$4.33 |
Hope this helps you, Thank you!?
need help plss Crane Corporation had net sales of $2.406,100 and interest revenue of $33,400 during...
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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
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