Question

$17,000 180,000 Multiple-Step and Single-Step Income Statements, and statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 General and administrative expenses Interest revenue 3,000 Sales Selling expenses 16,000 Unrealized decrease in fair value of Cost of goods sold 95,000 available-for-sale securities Loss on sale of equipment (pretax) 2,000 Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. 1,800 Required: 1. Prepare a 2019 multiple-step income statement. Round earnings per share to two decimal places. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses

Answer 1

95,000 © 2019 multiple- step in come statement. OPGE NORTH COMPANY Income statement for Year Ended December 31, 2014 Sala 8 / 180,000 Cost of goods sold 8 ] Gross Profil fl 85000 1 Operating expenses , Selling expenses $ 116000 & 17000 T 9/ 33000 Operating income $ 52 000 Other Items Interest revenue & 8118000) toss on sale of equipment & 1/2000 ) $ 7000 tax $ 45000 $ 13500 4 / 31500 Componente of income Eps' ( 31500/7000) $ 4.50 General and acownika lub expenses o 1 3000 hors from fine Income before income Income tax expenses. Net income Eps * Income Tax expenses ( f 45000 X 30:1) $ 13500 * EPS s 14 31500 7000 $4.50