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Mazyrski [523]
3 years ago
11

Marin Corporation had net sales of $2,427,500 and interest revenue of $40,000 during 2017. Expenses for 2017 were cost of goods

sold $1,465,500, administrative expenses $220,600, selling expenses $289,300, and interest expense $47,900. Marin’s tax rate is 30%. The corporation had 103,100 shares of common stock authorized and 71,990 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Marin Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Business
2 answers:
Ierofanga [76]3 years ago
8 0

Answer:

Net Income $310,940

Earnings Per Share$4.323

Explanation:

MARIN COPERATION Income Statement For the Year Ended December 31, 2017

Net Sales$2,427,500

Cost of Goods Sold$1,465,500

Gross Profit/Loss (2,427,500-1,456,500) $962,000

Selling Expenses$289,300

Administrative Expenses$220,600

($289,300+$220,600) $509,900

Income from Operations ($962,000-$509,900) $452,100

Other Revenues and Gains

Interest Revenue $40,000

Other Expenses and Losses

Interest Expense $47,900

($40,000-$47,900) $7,900

Income Before Income Tax ($452,100-$7,900) $444,200

Income Tax Expense (30%×444,200) $133,260

Net Income/Loss (444,200- 133,260) $310,940

Earnings Per Share$4.323

katovenus [111]3 years ago
6 0

Answer:

The answer follows below;

Explanation:

Marin Corporation

Income Statement

For the year 31, xxxx 2017

Sales                              $2,427,500

Cost of Goods Sold     ($1,465,500)

Gross Profit                                                $962,000

Operating Expenses

Admin. Expenses          ($220,600)

Selling Expenses          ($289,300)

Interest Expense            ($47,900)

Total Operating Expenses                        ($557,800)

Operating Income                                        $404,200              

Non Operating Income

Interest Income                                             $40,000          

Total Income before Taxation                    $444,200

Taxes (444,200*30%)                                   ($133,260)      

Net Income after Taxation                            $310,940          

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Stimulus generalization

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hedonic Theory of Wages:  

Accept just two kinds of occupations in the work showcase (safe employments versus unsafe occupations). Under this, sheltered employments have likelihood of zero that specialist gets harmed. Unsafe occupations have likelihood of 1 and laborers know this. Laborers care about whether their occupations are sheltered or hazardous.  

Laborers expand utility by picking wage-chance blends that offer them the best measure of utility. Expect laborers disdain hazard, yet to various degrees, for example they have diverse ideal pay chance blends. Firms are on their isoprofit bends that give the hazard wage mixes that give zero (financial) benefit. They vary between firms. An indulgent pay work mirror the connection among wages and occupation qualities. It matches laborers with various hazard inclinations with firms that can give employments that coordinate these diverse hazard inclinations.  

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Suppositions of Differential Wage Theory are:  

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Isoprofit Curve:  

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