Whispering Corporation had net sales of $2,417,800 and interest revenue of $34,900 during 2020. Expenses for 2020 were cost of goods sold $1,455,200, administrative expenses $216,400, selling expenses $288,900, and interest expense $49,100. Whispering's tax rate is 30%. The corporation had 104,200 shares of common stock authorized and 74,310 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Whispering Corporation had net sales of $2,417,800 and interest revenue of $34,900 during 2020. Expenses for 2020 were cost of goods sold $1,455,200, administrative expenses $216,400, selling expenses $288,900, and interest expense $49,100. Whispering's tax rate is 30%. The corporation had 104,200 shares of common stock authorized and 74,310 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What am I doing wrong for my earning per share? Also why is it saying that the net income can be negative?
Transcribed Image Text:Whispering Corporation had net sales of $2,417,800 and interest revenue of $34,900 during 2020. Expenses for 2020 were cost of
goods sold $1,455,200, administrative expenses $216,400, selling expenses $288,900, and interest expense $49,100. Whispering's
tax rate is 30%. The corporation had 104,200 shares of common stock authorized and 74,310 shares issued and outstanding during
2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g.
1.48.)
Transcribed Image Text:Revenues
Net Sales
Interest Revenue
Total Revenues
Expenses
Cost of Goods Sold
Administrative Expenses
Selling Expenses
Interest Expense
Income Tax Expense
Total Expenses
Net Income /(Loss)
Earnings Per Share
1455200 i
216400 i
288900
49100 i
132930
i
$
$
2417800
34900
2452700
2142530 i
310170
i
-5
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