Question

Earnings per Share and Multiple-Step Income Statement
The following summarized data relate to Bowden Corporation's current operations:

Sales revenue	$968,500
Cost of goods sold	585,000
Selling expenses	75,400
Administrative expenses	93,600
Loss on sale of equipment	6,500
Income tax expense	83,200
Shares of common stock
Outstanding at January 1	15,000	shares
Additional issued at May 1	9,100	shares
Additional issued at November 1	2,600	shares

Required
Prepare a multiple-step income statement for Bowden Corporation for the year. Include earnings per share disclosure at the bottom of the income statement.

Do not use negative signs with any of your answers below.

BOWDEN CORPORATION Income Statement For the Year Ended December 31
Sales Revenue		Answer
Cost of Goods Sold		Answer
Gross Profit on Sales		Answer
Selling Expenses	Answer
Administrative Expenses	Answer	Answer
Operating Income		Answer
Loss on Sale of Equipment		Answer
Income before Taxes		Answer
Income Tax Expense		Answer
Net Income		Answer
Earnings per share of Common Stock		Answer

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Answer 1