Preparing a Multiple-Step Income Statement
The following data were taken from the records of Cofelt Appliances, Incorporated, at December 31, 2011:
Sales revenue | $130.000 |
Administrative expense | 17,000 |
Selling (distribution) expense | 19,000 |
Income tax rate | 30% |
Gross profit | 60.000 |
Shares of stock outstanding | 2,500 |
Required:
Prepare a complete multiple-step income statement for the company (showing both gross profit and income from operations). Show all computations. (Hint: Set up the side captions or rows starting with sales revenue and ending with earnings per share: rely on the amounts and percentages given to infer missing values.)
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