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Wildhorse Corporation had net sales of $2,427,100 and interest revenue of $31,500 during 2020. Expenses for 2020 were cost of goods sold $1,467,100, administrative expenses $216,600, selling expenses $290,200, and interest expense $50,200. Wildhorse’s tax rate is 30%. The corporation had 107,600 shares of common stock authorized and 74,270 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.

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jepessoa

Answer:

Wildhorse Corporation

Income Statement

For the year ended December 31, 2020

Total revenues                          

  • Sales revenue $2,427,100
  • Interest revenue $31,500                        $2,458,600

Total expenses

  • Cost of goods sold $1,467,100
  • Administrative expenses $216,600
  • Selling expenses $290,200
  • Interest expense $50,200                      $2,024,100

Net income before taxes                                   $434,500

Income taxes                                                       $130,350

Net income                                                          $304,150

Earnings per share                                                    $4.10

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