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.)
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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