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.)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

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
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Whispering Corporation had net sales of $2420000 and interest revenue of $40900 during 2020. Expenses for...
Whispering Corporation had net sales of $2420000 and interest revenue of $40900 during 2020. Expenses for 2020 were cost of goods sold $1453900, administrative expenses $221800, selling expenses $296100, and interest expense $51900. Whispering’s tax rate is 30%. The corporation had 105200 shares of common stock authorized and 74850 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Whispering Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Brief Exercise 4-2 Bonita Corporation had net sales of $2,409,400 and interest revenue of $38,100 during...
Brief Exercise 4-2 Bonita Corporation had net sales of $2,409,400 and interest revenue of $38,100 during 2017. Expenses for 2017 were cost of goods sold $1,463,800, administrative expenses $222,000, selling expenses $286,700, and interest expense $48,900. Bonita’s tax rate is 30%. The corporation had 104,900 shares of common stock authorized and 74,880 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)
1. Coronado Corporation’s December 31, 2020 balance sheet showed the following: 7% preferred stock, $20 par...
1. Coronado Corporation’s December 31, 2020 balance sheet showed the following: 7% preferred stock, $20 par value, cumulative, 15300 shares authorized; 5300 shares issued. $ 106000 Common stock, $10 par value, 1090000 shares authorized; 1040000 shares issued, 1010000 shares outstanding. 10400000 Paid-in capital in excess of par—preferred stock. 29000 Paid-in capital in excess of par—common stock. 11590000 Retained earnings. 3790000 Treasury stock (14800 shares). 310800 Coronado’s total paid-in capital was: a. $21814200. b. $22125000. c. $12175000. d. $22435800. 2. Swifty...
1) Blossom Corporation had 656,400 common shares outstanding on January 1, 2020. On March 1, 2020,...
1) Blossom Corporation had 656,400 common shares outstanding on January 1, 2020. On March 1, 2020, Blossom issued 159,000 shares. On September 1, Blossom repurchased and cancelled 64,200 shares. Calculate Blossom’s weighted average number of shares outstanding for the year ended December 31, 2020. (Round answer to 0 decimal places, e.g. 5,275.) Weighted average number of shares outstanding. 2) Carla Vista Limited had 42,600 common shares outstanding on January 1, 2020. On March 1, 2020, Carla Vista issued 20,400 shares...
The shareholders’ equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders’ equity section of Riverbed Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 65,000 shares outstanding $4,300,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 11,000,000 25,300,000 Retained earnings 176,000,000 $201,300,000 Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $16 million (before tax) relating to the operations of a business segment that is...
The shareholders’ equity section of Pronghorn Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders’ equity section of Pronghorn Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 73,000 shares outstanding $4,400,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,000,000 24,400,000 Retained earnings 172,000,000 $196,400,000 Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $15 million (before tax) relating to the operations of a business segment that is...
At December 31, 2020, Marigold Corporation had the following shares outstanding: 9% cumulative preferred shares, 103,900...
At December 31, 2020, Marigold Corporation had the following shares outstanding: 9% cumulative preferred shares, 103,900 shares outstanding $10,390,000 Common shares, 4,200,000 shares outstanding 21,000,000 During 2020, the corporation’s only share transaction was the issuance of 390,000 common shares on April 1. During 2020, the following also occurred: Income from continuing operations before tax $22,620,000 Discontinued operations (loss before tax) 3,163,000 Preferred dividends declared 935,100 Common dividends declared 2,110,000 Effective tax rate 38% Calculate earnings per share information as it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 114,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 60,000 shares of treasury stock Assume that Coronado Corp. earned net income of $3,619,000 during 2018. In addition, it had 98,000 shares of 9%,...
Swifty Corporation had 1,000,000 shares of common stock issued and outstanding at December 31, 2020. On...
Swifty Corporation had 1,000,000 shares of common stock issued and outstanding at December 31, 2020. On July 1, 2021 an additional 1,000,000 shares were issued for cash. Swifty also had stock options outstanding at the beginning and end of 2021 which allow the holders to purchase 291000 shares of common stock at $28 per share. The average market price of Swifty’s common stock was $35 during 2021. The number of shares to be used in computing diluted earnings per share...
Partial Trial Balance for the Year Ended December 31, 2018 Sales revenue $1,800,000 Interest revenue (Not...
Partial Trial Balance for the Year Ended December 31, 2018 Sales revenue $1,800,000 Interest revenue (Not part of operations)        80,000 Realized gain on sale of Equipment        50,000 Cost of goods sold 1,100,000 Selling and administrative expenses     220,000 Loss on Discontinued Operations     100,000 Shivers and Shivers had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 20%. Net Income for the Year Ended December 31,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT