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zimovet [89]
2 years ago
11

Marigold Corporation had net sales of $2,423,800 and interest revenue of $36,500 during 2020. Expenses for 2020 were cost of goo

ds sold $1,458,000, administrative expenses $217,800, selling expenses $291,500, and interest expense $48,800. Marigold’s tax rate is 30%. The corporation had 108,300 shares of common stock authorized and 73,470 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Marigold Corporation.
Business
1 answer:
Irina18 [472]2 years ago
5 0

Answer:

See Extract

Explanation:

Here is an extract for the income statement.

Sales                                             $2,423,800

Less: Cost of goods                     ($1,458,000)

Gross Profits                                  <u>$965,800</u>

Less: Other expenses

Admin expense                              ($217,800)

Selling expense                              ($291,500)

Operating Profits                           <u>$456,500</u>

Add: Interest Income                       $36,500

Profit before Interest and Tax       <u>$493,000</u>

Less: Interest Payable                     ($48,800)

Income before Tax                        <u> </u><u>$444,200</u>

Less: Tax @ 30% of (444200)          ($133,260)

Profit After tax/                            

For Appropriation                           <u> $310,940</u>

There is no need to add dividend entry as nothing is declared yet.

Hope that helps.

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