Question

Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for 2020 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200. Skysong’s tax rate is 30%. The corporation had 100,400 shares of common stock authorized and 70,220 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

SKYSONG CORPORATION Income Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for the first part     Dividends    Earnings Per Share    Expenses    Gross Profit / (Loss)    Income Before Income Tax    Income From Operations    Net Income / (Loss)    Net Sales    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    Other Revenues and Gains    Other Expenses and Losses		enter a total amount for the first part
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the second part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		enter a total amount for the second part
select an opening name for section two DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
enter an income statement item	enter a dollar amount
select an opening name for section three DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the third part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		enter a total amount for the third part
enter an income statement item		enter a dollar amount
select a closing name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a total net income or loss amount
select an income statement item DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a dollar amount rounded to 2 decimal places

Answer 1

SKYSONG CORPORATION Income Statement For the Year Ended December 31,2020 Net sales Cost of Goods sold Gross Profit Selling expenses $ 284,600 Administrative expenses $ 214,700 $ 2,404,500 $ 1,466,900 $ 937,600 $ $ 499,300 438,300 Income from Operations Other Revenues and Gains Interest revenue Other Expenses and Losses Interest expense $ 37,700 $ 47,200 $ Income before Income Tax Expenses Income tax expense Net Income $ $ (9,500) 428,800 128,640 300,160 $ Earnings per share $ 4.27 Working Notes: Earnings per share = Net Income / No of shares outstanding = $300,160/70,220 = $4.27