Question

Coronado Corporation had net sales of $2,418,100 and interest revenue of $35,500 during 2020. Expenses for...

Coronado Corporation had net sales of $2,418,100 and interest revenue of $35,500 during 2020. Expenses for 2020 were cost of goods sold $1,464,000, administrative expenses $218,900, selling expenses $300,000, and interest expense $45,600. Coronado’s tax rate is 30%. The corporation had 105,300 shares of common stock authorized and 71,830 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Homework Answers

Answer #1
Income Statement
Coronado Corporation
Income Statement for the year Ended 31 Dec 2020
Revenues
Sales $2,418,100.00
Interest Revenue $35,500.00
total Revenue $2,453,600.00
Expenses
Cost of Goods Sold ) $1,464,000.00
Administrative Expense $218,900.00
Selling Expense $300,000.00
Interest Expense $45,600.00
total Expenses $2,028,500.00
Income before Tax $425,100.00
Less: Tax @30% $127,530.00
Net Income $297,570.00
Earning Per Share ( 297570/71830) $4.14
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