Question

P13-3A. Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Robert Corporation's...

P13-3A. Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Robert Corporation's current operations:

Sales revenue...……………………………………………………………………………………………………….$800,000

Costs of goods sold...………………………………………………………………………………………………..460,000

Selling expenses...…………………………………………………………………………………………………..65,000

Administrative expense...………...………………………………………………………………………………..72,000

Loss on-sale of equipment................................................................................................................................4,000

Income tax expense............................................................................................................................................42,000

Shares of common stock

Outstanding at January 1................................................................................................................................20,000 shares

Additional Issued at May 1...............................................................................................................................7,000

Additional Issued at November 1.........................................................................................................………..2,000 shares

Required

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

Homework Answers

Answer #1
Robert Corporation
Income Statement (Multi-Step)
For Year Ended Decemebr 31
Sales $800,000
Cost of goods sold $460,000
Gross Profit $340,000
Operating Expenses:
Selling expenses $65,000
Administrative Expenses $72,000
Total operating expenses $137,000
Operating Income $203,000
Other Items:
Loss on Sale of Equipment $4,000
Income before income tax $199,000
Income tax expenses $42,000
Net Income $157,000
Components of Income EPS
Weighted average of shares       25,000
(20,000 + 7,000 x 8/12 + 2,000 x 2/12)
Net Income $6.28
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