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.)
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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