Question

Sunland Corporation had net sales of $2,425,800 and interest revenue of $38,200 during 2020. Expenses for 2020 were cost of goods sold $1,458,200, administrative expenses $212,600, selling expenses $282,100, and interest expense $46,400. Sunland’s tax rate is 30%. The corporation had 109,600 shares of common stock authorized and 70,210 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Answer 1

Prepare a single-step income statement for the year ended December 31, 2020

Step-by-step explanation:

SUNLAND CORPORATION

Inconme statement

For the year endend December 2020

Revenue

Net Sales 2.425.800

Interes Revenue 38.200

Total Revenue 2.464.000

Expenses

Cost Of goods 1.458.200

Administrative expenses 212.600

Selling xpenses 282.000

Interes expense 46.400

Tax rate 139.440

Expenses 2.138.640

Net income 325.360

Shares issued 70210

Earning p/share 4,63