Pharoah, Inc. has the following data for the year ended December 31, 2020: Net sales $273,000 Loss on disposal of discontinued operation 20,900 Cost of goods sold 165,400 Interest expense 4,600 Selling expenses 15,900 Administrative expenses 37,410 Shares of capital stock outstanding, 10,000 Tax rate of 30% on all items Prepare a multiple-step income statement for Pharoah, Inc. for the year ended December 31, 2020. (Round earnings per share answers to 2 decimal places, e.g. 5.25.)
Pharoah, Inc. has the following data for the year ended December 31, 2020: Net sales $273,000 Loss on disposal of discontinued operation 20,900 Cost of goods sold 165,400 Interest expense 4,600 Selling expenses 15,900 Administrative expenses 37,410 Shares of capital stock outstanding, 10,000 Tax rate of 30% on all items Prepare a multiple-step income statement for Pharoah, Inc. for the year ended December 31, 2020. (Round earnings per share answers to 2 decimal places, e.g. 5.25.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah, Inc. has the following data for the year ended December 31, 2020:
| Net sales | $273,000 | ||
| Loss on disposal of discontinued operation | 20,900 | ||
| Cost of goods sold | 165,400 | ||
| Interest expense | 4,600 | ||
| Selling expenses | 15,900 | ||
| Administrative expenses | 37,410 | ||
| Shares of capital stock outstanding, 10,000 | |||
| Tax rate of 30% on all items |
Prepare a multiple-step income statement for Pharoah, Inc. for the year ended December 31, 2020. (Round earnings per share answers to 2 decimal places, e.g. 5.25.)
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