Brisky Corporation had net sales of $2,412,900 and interest revenue of $34,700 d

Question

Brisky Corporation had net sales of $2,412,900 and interest revenue of $34,700 during 2014. Expenses for 2014 were cost of goods sold $1,469,000; administrative expenses $219,400; selling expenses $283,600; and interest expense $53,900. Brisky's tax rate is 30%. The corporation had 103,200 shares of common stock authorized and 72,680 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

condensed multiple-step income statement (according to format provided):

Net Sales $2412900 Interest Revenue $ 34700 Total Revenue 2447600 Less: Expenses $2025900 Less: Taxes 126510 Net Income $295190 Authorised Common stock 103200 Outstanding Common Stock: Issued Common Stock 70680 Earning Per Share: Pre share earning $4.06 Net Income $295190

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