Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NASH CORPORATIONIncome Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount enter an income statement item enter a dollar amount select a summarizing line for the first part Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Other Revenues and Gains Other Expenses and Losses enter a total amount for the first part enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the second part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the second part select an opening name for section two DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and Gains enter an income statement item enter a dollar amount select an opening name for section three DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Expenses and Losses enter an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the third part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the third part enter an income statement item enter a dollar amount select a closing name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a total net income or loss amount select an income statement item DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount rounded to 2 decimal places

Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) NASH CORPORATIONIncome Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount enter an income statement item enter a dollar amount select a summarizing line for the first part Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Other Revenues and Gains Other Expenses and Losses enter a total amount for the first part enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the second part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the second part select an opening name for section two DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and Gains enter an income statement item enter a dollar amount select an opening name for section three DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Expenses and Losses enter an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the third part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the third part enter an income statement item enter a dollar amount select a closing name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a total net income or loss amount select an income statement item DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount rounded to 2 decimal places

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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NASH CORPORATION Income Statement choose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for the first part Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Other Revenues and Gains Other Expenses and Losses		enter a total amount for the first part
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the second part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		enter a total amount for the second part
select an opening name for section two DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and Gains
enter an income statement item	enter a dollar amount
select an opening name for section three DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Expenses and Losses
enter an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the third part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		enter a total amount for the third part
enter an income statement item		enter a dollar amount
select a closing name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a total net income or loss amount

select an income statement item DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses		$enter a dollar amount rounded to 2 decimal places

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