Question

Sunland Corporation had net sales of $2,425,800 and interest revenue of $38,200 during 2020. Expenses for 2020 were cost of goods sold $1,458,200, administrative expenses $212,600, selling expenses $282,100, and interest expense $46,400. Sunland’s tax rate is 30%. The corporation had 109,600 shares of common stock authorized and 70,210 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.)

Answer 1

Answer:

Prepare a single-step income statement for the year ended December 31, 2020

Explanation:

SUNLAND CORPORATION  

Inconme statement  

For the year endend December 2020  

 

 

Revenue  

Net Sales               2.425.800  

Interes Revenue             38.200  

Total Revenue        2.464.000  

 

Expenses  

Cost Of goods             1.458.200  

Administrative expenses 212.600  

Selling xpenses                 282.000  

Interes expense                   46.400  

Tax rate                                  139.440  

Expenses                       2.138.640  

 

Net income                           325.360  

 

Shares issued                     70210  

Earning p/share                        4,63