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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.)

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Answer #1

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.)

Revenue
Sales revenue 2409400
Interest revneue 38100
Total revenue 2447500
Expenses
Cost of goods sold 1463800
Administrative expense 222000
Selling expense 286700
Interest expense 48900
Total expense 2021400
Income before tax 426100
Less: Income tax -127830
Net income 298270
Share outstanding 74880
Earning per share 3.98
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