Send to Gradebook Question2 0.25/1 Presented below is information related to Swe

Question

Send to Gradebook Question2 0.25/1 Presented below is information related to Sweet Corp.for the year 2017, 1,380,100 788,800 74,700 50,300 27,000 7,740 $81,810 41,100 48,800 48,680 896,230 Write-off of inventory due to obsolescence Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31,2016 Effective tax rate of 34% on all items -Your answer is partially cofrect Prepare a multiple-stepincome statement for 2017. Assume that 60,960 shares of common stock are outstanding, (Round earnings per share to 2 decimal places, e.g. 1.49.) SWEET CORP

Explanation / Answer

Income Statement for Sweet Corp for the yr ended 31 dec 2017 Particulars Amount Net Sales $1,380,100 Less COGS $788,800 Gross Profit $591,300 Operating Exp Selling Exp $74,700 Adminstrative Exp $50,300 Income from Operations $125,000 Other Revenue and Gains Dividend Revenue $27,000 Interest Revenue $7,740 $34,740 Other Exp and Losses W/O inventory $81,810 Casualty Losses $48,800 $130,610 Income Before tax $300,950 Income Tax ($102,323) Net Income $198,627

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