Complete multiple-step income statement for the company

Assignment Help Accounting Basics

Reference no: EM13914009

he following data were taken from the records of Township Corporation at December 31, 2015:

Sales revenue $ 85,000

Gross profit 30,000

Selling (distribution) expense 7,000

Administrative expense ?

Pretax income 13,000

Income tax rate 35%

Shares of stock outstanding 2,500

Required:

1.Prepare a complete multiple-step income statement for the company. (Hint: Rely on the amounts and percentages given to infer missing values.) (Round "Earnings per share" to 2 decimal places.)

2. What is the gross profit percentage? (Enter your answer as a percentage rounded to 1 decimal place (i.e., 0.123 should be entered as 12.3)

Reference no: EM13914009

Questions Cloud

Find the elapsed time for the journey : If the girl has to run 48 m down the hill from where it first was pushed to get to where her sled stopped, find the elapsed time for the journey.

Estimates of the population standard deviation : Find a point estimate of the population standard deviation. (Consider using the fillhandle here.) How do the 10 point estimates of the population mean compare to the actual population mean

What is difference in personnel involved and selling process : According to our course materials and other sources, how is selling to a business different from selling to a consumer? What is the difference in personnel involved and the selling process? How might the sale of consumer products also be considere..

Compute amount and percentage changes for income statements : Vision, Inc.'s comparative income statements follow. Compute the amount and percentage changes for the income statements, and comment on the changes from 2013 to 2014.

Complete multiple-step income statement for the company : Prepare a complete multiple-step income statement for the company. (Hint: Rely on the amounts and percentages given to infer missing values.) (Round "Earnings per share" to 2 decimal places.)What is the gross profit percentage? (Enter your answer as ..

Unlimited life of company : Unlimited life of company that continues in existence after original owners die or leave the company

What method to determine an appropriate marketing budget : The advertising strategy of the business to business market has differences with the business to consumer market - each is unique. How do you think your strategy or process would change from a B2B market vs. a B2C market? Or, would it be the same?

Deposable spoons to revamp coffee carts : 15 Sold 4 boxes of Deposable Spoons to Revamp Coffee Carts for $560 each, Invoice No. 507-16 Quick Bolt Coffee paid $900 in partial payment of their account.

Income statement : Using appropriate headings and subtotals, prepare a multiple-step consolidated income statement (showing gross profit, operating income, and any other subheadings you deem appropriate). (Enter your answers in thousands rounded to 1 decimal place.)

User Account

All Pages