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. Amick Corp. Income Statement For the Year Ended December 31 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own se 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. Revenues and gains Sales revenue Dividend revenue Interest revenue Expenses and losses Cost of goods sold Salaries expense (selling) Loss on sale of investments Shipping expense Earnings per share s $2,280,000 1,380,000 15,600 10,080 115,200 36,000 60,000 48,000 V 192,000 55,200 204,720 6,000 25% 20,000 2,280,000 ✓ 15,600✔ 6,000 ✓ 1,380,000✔ 204,720 x 115,200✔ 60,000 ✓ x x x
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. Amick Corp. Income Statement For the Year Ended December 31 a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own se 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. Revenues and gains Sales revenue Dividend revenue Interest revenue Expenses and losses Cost of goods sold Salaries expense (selling) Loss on sale of investments Shipping expense Earnings per share s $2,280,000 1,380,000 15,600 10,080 115,200 36,000 60,000 48,000 V 192,000 55,200 204,720 6,000 25% 20,000 2,280,000 ✓ 15,600✔ 6,000 ✓ 1,380,000✔ 204,720 x 115,200✔ 60,000 ✓ x x x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give answer in image formate
Transcribed Image Text: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.
Amick Corp.
Income Statement
For the Year Ended December 31
Revenues and gains
Sales revenue
Dividend revenue
Interest revenue
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.
Expenses and losses
Cost of goods sold
Salaries expense (selling)
Loss on sale of investments
Shipping expense
Earnings per share
0x
$2,280,000
1,380,000
✔S
15,600
10,080
115,200
36,000
60,000
48,000
192,000
55,200
204,720
6,000
25%
20,000
2,280,000
15,600 ✓
6,000
x
1,380,000 ✓
204,720 *
115,200 ✓
60,000 ✓
x
x
x
х х х х х
Transcribed Image Text:b. Prepare a multiple-step income statement (including earnings per share).
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.
Amick Corp.
Income Statement
For the Year Ended December 31
Sales revenue
Cost of goods sold
Gross profit
Operating expenses
Selling expenses:
Promotion expense
Shipping expense
Depreciation expense
Salaries expense (selling)
General and administrative expense:
Dividend revenue
Interest revenue
Loss on sale of investments
Interest expense
Other revenues (expenses)
Earnings per share $
0 x
✓ $
V
V
<
<
<
$
2,280,000
1,380,000
900,000
36,000
60,000
48,000 *
204,720
15,600 *
10,080 x
115,200 *
0 x
ХХ Х Х Х Х Х
X
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