Brisky Corporation had net sales of $2,406,300 and interest revenue of $35,400 d

Question

Brisky Corporation had net sales of $2,406,300 and interest revenue of $35,400 during 2014. Expenses for 2014 were cost of goods sold $1,465,600; administrative expenses $220,600; selling expenses $285,500; and interest expense $46,500. Brisky's tax rate is 30%. The corporation had 105,300 shares of common stock authorized and 70,750 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Explanation / Answer

Brisky Corporation All Amounts in $ Single Step Income Statement for the year ended December 31, 2014 Net Sales 2406300 Interest Revenue 35400 Total Income 2441700 Cost of Goods Sold 1465600 Administrative Expenses 220600 Selling Expenses 285500 Interest Expenses 46500 2018200 Net Income before Taxes 423500 Income Tax @ 30% 127050 Income Post Taxes 296450 No.of shares outstanding 70750 Earnings per share in $ 4.19

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