prepareing mult step income statement

timer Asked: Mar 5th, 2015

Question description

1 The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2 Sales discounts amount to $17,000.
3 20,000 shares of common stock were outstanding for the entire year.
4 Interest expense was $20,000.
5 The income tax rate is 30%.
6 Cost of goods sold amounts to $500,000.
7 Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8 Four-fifths of the operating expenses relate to sales activities.
From the foregoing information prepare an income statement for 0the year 2014 in single-step form.
(Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 2,520.)

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