prepareing mult step income statement

Price: $5 USD

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.)

Tutor Answer

(Top Tutor) Daniel C.
School: University of Virginia
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors