Question

Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods sold $1,464,600, administrative expenses $216,400, selling expenses $294,800, and interest expense $46,000. Swifty’s tax rate is 30%. The corporation had 100,100 shares of common stock authorized and 71,940 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.

Answer 1

Please find the income statement below;

Step-by-step explanation:

Single step Income statement

Revenues

Net sales 2,419,200

Interest revenue 39,300

Total revenues 2,458,500

Expenses

Cost of goods sold 1,464,600

Admin. expenses 216,400

Selling expenses 294,800

Interest expense 46,000

Total expenses 2,021,800

Net Income 436,700