Whispering Winds Corporation had net sales of $4,480,000 and interest revenue of $75,000 during 2017. Expenses for 2017 were cost of goods sold $3,100,000; selling expenses $430,000; administrative expenses $540,000; and interest expense $26,000. Whispering Winds's tax rate is 40%. The corporation had 500,000 shares of common stock authorized and 50,000 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Whispering Winds Corporation had net sales of $4,480,000 and interest revenue of $75,000 during 2017. Expenses for 2017 were cost of goods sold $3,100,000; selling expenses $430,000; administrative expenses $540,000; and interest expense $26,000. Whispering Winds's tax rate is 40%. The corporation had 500,000 shares of common stock authorized and 50,000 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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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1. Please complete a full income statement from the data
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