Preparing a Multiple-Step Income Statement
The following data were taken from the records of Township Corporation at December 31, 2012:
Sales revenue | $79,000 |
Gross profit | 28,000 |
Selling (distribution) expense | 7,000 |
Administrative expense | ? |
Pretax income | 13,000 |
Income tax rate | 35% |
Shares of stock outstanding | 3,500 |
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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