Reference no: EM132935347
Following summarized data were provided by the records of sleep Inc. for the year ended December 31, 2020:
Sales of merchandise for cash- $229,000
Sales of merchandise on credit- 36,500
Cost of sales 156,000 selling expenses- 41,100 Administrative expenses- 19,900
Sales returns and allowances- 7900
Bad expense- 730
Items not included in the above amounts:
Average income tax rate,40%
Number of common shares outstanding, 3,000
Required:
Problem 1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit/(loss) and earnings from operations). Round "earnings per share" to two decimal places.)
SLATE, INC.
Statement of Earnings
For the Year Ended December 31, 2020
Operating Expenses:
Earnings Before Income Tax:
Earnings per share:
Problem 2. Compute the amount of gross profit/(loss) in a gross profit/(loss) percentage. (Round percentage answer to the nearest whole percent (i.e. 0.124 should be entered as 12).)
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