Coronado Corporation had net sales of $2,413,000 and interest revenue of $34,000

Question

Coronado Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2017. Expenses for 2017 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Coronado’s tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Coronado Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Explanation / Answer

Prepare a condensed multiple-step income statement for Coronado Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Sales 2413000 Less: Cost of goods sold -1455300 Gross profit 957700 Less: Operating expense Administrative expense -212700 Selling expense -294600 -507300 Income from operation 450400 Other revenue Interest revenue 34000 Other expense Interest expense --53200 -19200 Income before tax 431200 Income tax -129360 Net income 301840 Share outstanding 73230 EPS 4.12

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