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ne financial records of Metlock Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical ata related to the income statement as follows. 1. 2. 3. 4. 5. 5. 6. 7. 8. The beginning merchandise inventory was $88,320 and decreased 20% during the current year. Sales discounts amount to $14,280. 18,852 shares of common stock were outstanding for the entire year. Interest expense was $17,200. The income tax rate is 30%. The income tax rate is 30%. Cost of goods sold amounts to $440,000. Administrative expenses are 20% of cost of goods sold but only 8 % of gross sales. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2025 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

ne financial records of Metlock Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical ata related to the income statement as follows. 1. 2. 3. 4. 5. 5. 6. 7. 8. The beginning merchandise inventory was $88,320 and decreased 20% during the current year. Sales discounts amount to $14,280. 18,852 shares of common stock were outstanding for the entire year. Interest expense was $17,200. The income tax rate is 30%. The income tax rate is 30%. Cost of goods sold amounts to $440,000. Administrative expenses are 20% of cost of goods sold but only 8 % of gross sales. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2025 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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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ne financial records of Metlock Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical ata related to the income statement as follows. 1. 2. 3. 4. 5. 5. The income tax rate is 30%. Cost of goods sold amounts to $440,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. 6. The beginning merchandise inventory was $88,320 and decreased 20% during the current year. Sales discounts amount to $14,280. 18,852 shares of common stock were outstanding for the entire year. Interest expense was $17,200. The income tax rate is 30%. 8. From the foregoing information prepare an income statement for the year 2025 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Transcribed Image Text:ne financial records of Metlock Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical ata related to the income statement as follows. 1. 2. 3. 4. 5. 5. The income tax rate is 30%. Cost of goods sold amounts to $440,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. 6. The beginning merchandise inventory was $88,320 and decreased 20% during the current year. Sales discounts amount to $14,280. 18,852 shares of common stock were outstanding for the entire year. Interest expense was $17,200. The income tax rate is 30%. 8. From the foregoing information prepare an income statement for the year 2025 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Revenues Net Sales Net Sales Cost of Goods Sold Interest Expense Administrative Expenses expen METLOCK INC. Income Statement For the Year Ended December 31, 2025 $ LA 440000 17200 LA 11000000
Transcribed Image Text:Revenues Net Sales Net Sales Cost of Goods Sold Interest Expense Administrative Expenses expen METLOCK INC. Income Statement For the Year Ended December 31, 2025 $ LA 440000 17200 LA 11000000
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