The multiple-step income statement is shown below | ||||
Skysong Corporation | ||||
Income statement | ||||
For the year ended June 30, 2020 | ||||
Sales revenue | ||||
Sales revenue | $1,591,380 | |||
Less: Sales discounts | $31,400 | |||
Sales returns and allowances | $57,189 | $88,589 | ||
Net sales | $1,502,791 | |||
Cost of goods sold | $897,600 | |||
Gross profit | $605,191 | |||
Operating expenses | ||||
Selling expenses | ||||
Sales commissions | $99,340 | |||
Salaries and wages exp | $56,910 | |||
Travel expense | $31,300 | |||
Freight-out | $22,560 | |||
Entertainment expense | $14,840 | |||
Telephone and Internet expense | $9,120 | |||
Maintenance and repairs expense | $5,655 | |||
Depreciation expense | $5,097 | |||
Bad debt expense | $4,411 | |||
Misc. selling expenses | $4,254 | |||
Total selling expenses | $253,487 | |||
Administrative expenses | ||||
Maintenance and repairs expense | $8,681 | |||
Supplies expense | $3,722 | |||
Telephone and Internet expense | $2,677 | |||
Depreciation expense | $6,799 | |||
Property tax expense | $7,117 | |||
Office expense | $5,590 | |||
Total administrative expense | $34,586 | |||
Income from operations | $317,118 | |||
Other revenue and Gains | ||||
Dividend revenue | $36,590 | |||
Other expenses and losses | ||||
Interest expense | $18,510 | |||
Income before income tax | $335,198 | |||
Income tax | $105,270 | |||
Net income /(Loss) | $229,928 | |||
Earnings per share | $2.72 | 229928/84450 | ||
Skysong Corporation at June 30, 2020 goods sold missions $1,591,380 31,400 897,600 and wages expense (sales)...
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