Brisky Corporation had net sales of $2,404,100 and interest revenue of $32,800 d

ID: 2458771 • Letter: B

Question

Brisky Corporation had net sales of $2,404,100 and interest revenue of $32,800 during 2014. Expenses for 2014 were cost of goods sold $1,468,200; administrative expenses $220,900; selling expenses $299,100; and interest expense $51,600. Brisky’s tax rate is 30%. The corporation had 105,300 shares of common stock authorized and 70,620 shares issued and outstanding during 2014. Prepare a condensed multiple-step income statement for Brisky Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

BRISKY CORPORATION
Income Statement
For the Year Ended December 31, 2014

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Explanation / Answer

BRISKY CORPORATION

Income Statement

For the Year Ended December 31, 2014

Net sales

$2,404,100

Interest Revenue

$32,800

Total (A)

$2436900

Cost of Goods Sold

$1,468,200

Administrative Expenses

$220,900

Selling Expenses

$299,100

Interest Expense

$51,600

2039800

Income Tax Expense

119130

Earnings after Tax

277970