Question

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.)

Homework Answers

Answer #1

Multiple income statement

Net sales 2,420,000
Cost of goods sold -1,453,900
Gross profit 966,100
Operating expenses :
Administrative expenses -221,800
selling expenses -296,100
Operating profit 448,200
Other revenues :
Interest revenue 40,900
Other expenses :
Interest expense -51,900
Income before tax 437,200
Income tax expense -131,160
Net income $306,040
Earning per share (Net income/Number of common shares outstanding) (306,040/74,850) $4.09

Net income = $306,040

Earning per share = $4.09

kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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.)
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.)
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87,650 Accumulated depreciation—equipment $41,650 Cash 52,650 Accumulated depreciation—buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts 46,650 Accrued liabilities 33,650 Land 101,650 Interest expense 61,650 Equipment 201,650 Notes payable 101,650 Buildings 141,650...
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.
Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 620,000 Interest revenue 74,000 Gain...
Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 620,000 Interest revenue 74,000 Gain on sale of investments 124,000 Cost of goods sold 460,000 Selling expenses 136,000 Interest expense 26,000 General and administrative expenses 92,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%. Required: Prepare a multiple-step income statement with earnings per share disclosure. (Amounts to be deducted should be indicated with...
Presented below is information related to Donaldson Corp., for the year 2017. Net sales $1,950,000 Cost...
Presented below is information related to Donaldson Corp., for the year 2017. Net sales $1,950,000 Cost of goods sold 1,200,000 Selling expenses 95,000 Administrative expenses 70,000 Dividend revenue 30,000 Interest revenue 20,000 Interest expense 45,000 Write-off of goodwill due to impairment 75,000 Depreciation expense omitted in 2015 105,000 Dividends declared 120,000 Effect on prior years of change in accounting principle (credit) 220,000 Loss from operations of discontinued component of business 240,000 Gain from disposal of component of business 300,000 Federal...
****I need the earnings per share of Common Stock**** The answer is NOT 4.34 Earnings per...
****I need the earnings per share of Common Stock**** The answer is NOT 4.34 Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Bowden Corporation’s current operations: Sales revenue $760,000 Cost of goods sold 450,000 Selling expenses 65,000 Administrative expenses 72,000 Loss on sale of equipment 5,000 Income tax expense 42,000 Shares of common stock Outstanding at January 1 20,000 shares Additional issued at May 1 7,000 shares Additional issued at November 1 2,000 shares Required...
Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Bowden Corporation's current...
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...
Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Bowden Corporation's current...
Earnings per Share and Multiple-Step Income Statement The following summarized data relate to Bowden Corporation's current operations: Sales revenue $894,000 Cost of goods sold 540,000 Selling expenses 69,600 Administrative expenses 86,400 Loss on sale of equipment 6,000 Income tax expense 76,800 Shares of common stock Outstanding at January 1 13,000 shares Additional issued at May 1 8,400 shares Additional issued at November 1 2,400 shares Required Prepare a multiple-step income statement for Bowden Corporation for the year. Include earnings per...
The following balances were taken from the books of Al Hashem.Cop on December 31, 2020. Net...
The following balances were taken from the books of Al Hashem.Cop on December 31, 2020. Net sales $800,000 Cost of goods sold $590,000 Selling expenses $32,500 Administrative expenses $24,000 Dividend revenue $10,000 Interest revenue $3,500 Write-off of inventory due to obsolescence $40,000 Depreciation expense omitted by accident in 2018 $20,000 Interest expense $25,000 Cash dividends declared $22,500 Retained earnings at December 31, 2018 $490,000 60,000 ordinary shares were outstanding during the year. Required: a. Prepare an income statement for 2020....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT