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ZanzabumX [31]
3 years ago
12

Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods

sold $1,464,600, administrative expenses $216,400, selling expenses $294,800, and interest expense $46,000. Swifty’s tax rate is 30%. The corporation had 100,100 shares of common stock authorized and 71,940 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.
Business
1 answer:
damaskus [11]3 years ago
6 0

Answer:

Please find the income statement below;

Explanation:

<u>Single step Income statement</u>

Revenues

Net sales              2,419,200

Interest revenue        39,300

<em>Total revenues                                2,458,500</em>

Expenses

Cost of goods sold      1,464,600

Admin. expenses            216,400

Selling expenses            294,800

Interest expense               46,000

<em>Total expenses                                   2,021,800</em>

<em><u>Net Income  </u></em><em>                                         </em><u><em>436,700</em></u>

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D.

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Small batch and unit production.

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Small batch and Unit production -

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3 years ago
A company wants to have $20,000 at the end of a ten-year period by investing a single sum now. How much needs to be invested in
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8448.22

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3 years ago
H. Tillman performed legal services for J. Laney. Due to a cash shortage, an agreement was reached whereby J. Laney. would pay H
babunello [35]

Answer:

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Answer:

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