Question

Question 2 of 5 < 0.3/10 E Splish Corporation had net sales of $2.413,100 and interest revenue of $33,400 during 2020. Expenses for 2020 were cost of goods sold $1.467,000, administrative expenses $220,000, selling expenses $292,200, and interest expense $53,900. Splish's tax rate is 30%. The corporation had 109.200 shares of common stock authorized and 71,090 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Splish Corporation (Round earnings per share to 2 decimal places, eg. 1.48.) SPLISH CORPORATION Income Statement For the Year Ended December 31, 2020 $ $

Answer 1

SPLISH CORPORATION

Income Statement

For the Year Ended December 31, 2020

Net sales		$2,413,100
Cost of goods sold		($1,467,000)
Gross profit		$946,100
Administrative expenses	$220,000
Selling expenses	$292,200	($512,200)
Income from operations		$433,900
Other revenue and gains
Interest revenue	$33,400
Other expenses and losses
Interest expense	$53,900	($20,500)
Income before income tax		$413,400
Income tax expense(30%)		($124,020)
Net income		$289,380
Earnings per share($289,380 / 71,090 shares)		$4.07