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a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. Nota: Lien

a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. Nota: Lien

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Amick Corp. Income Statement For the Year Ended December 31 Revenues and gains Sales revenue Dividend revenue Interest revenue Total revenues and gains. Expenses and losses Cost of goods sold Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation expense Salaries expense Other general and administrative expenses Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share $ Check 0x > < > > $ $ 1,710,000 11,700 4,500 1,726,200 1,035,000 7,560 86,400 27,000 45,000 36,000 144,000 x 41,400 x x x x
Transcribed Image Text:Amick Corp. Income Statement For the Year Ended December 31 Revenues and gains Sales revenue Dividend revenue Interest revenue Total revenues and gains. Expenses and losses Cost of goods sold Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation expense Salaries expense Other general and administrative expenses Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share $ Check 0x > < > > $ $ 1,710,000 11,700 4,500 1,726,200 1,035,000 7,560 86,400 27,000 45,000 36,000 144,000 x 41,400 x x x x
Preparing a Single- Step and a Multiple-Step Income Statement The following selected items are taken from the accounting records of Amick Corp. at December 31. Sales revenue Cost of goods sold Dividends received on investment in stocks Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation (50% selling, 50% general and administrative) Salaries (general and administrative) Other general and administrative expenss Salaries (selling) Interest revenue Income tax rate Number of common stock shares part a. part b.. $1,710,000 1,035,000 11,700 7,560 86,400 27,000 45,000 36,000 144,000 41,400 153,540 4,500 25% 20,000 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny.
Transcribed Image Text:Preparing a Single- Step and a Multiple-Step Income Statement The following selected items are taken from the accounting records of Amick Corp. at December 31. Sales revenue Cost of goods sold Dividends received on investment in stocks Interest expense Loss on sale of investments Promotion expense Shipping expense Depreciation (50% selling, 50% general and administrative) Salaries (general and administrative) Other general and administrative expenss Salaries (selling) Interest revenue Income tax rate Number of common stock shares part a. part b.. $1,710,000 1,035,000 11,700 7,560 86,400 27,000 45,000 36,000 144,000 41,400 153,540 4,500 25% 20,000 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny.
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