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grigory [225]
3 years ago
15

Blossom Corporation had net sales of $2,410,900 and interest revenue of $36,700 during 2017. Expenses for 2017 were cost of good

s sold $1,460,400, administrative expenses $218,600, selling expenses $286,400, and interest expense $50,800. Blossom’s tax rate is 30%. The corporation had 105,200 shares of common stock authorized and 73,090 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Blossom Corporation.

Business
1 answer:
BaLLatris [955]3 years ago
7 0

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

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Results are below.

Explanation:

<u>First, we need to calculate the activities rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Activity 1= 24,000 / 1,000= $24 per activity unit

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Activity 2= 41*750= $30,750

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