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Question - Ayayai Corporation had net sales revenue of $5,820,000 and investment revenue of $227,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows:
Cost of goods sold
$4,590,000
Salaries and wages expense (sales)
360,000
Advertising expense
129,000
Entertainment expense
82,000
Selling expenses
571,000
Salaries and wages expense (administrative)
309,000
Rent expense
101,000
Utilities expense
44,000
Administrative expenses
454,000
Increase in value of company reputation
75,000
Unrealized gain on value of patents
38,000
Interest expense
167,000
Income tax expense
88,000
Ayayai has 100,000 common shares outstanding throughout the year.
Required - Prepare a multiple-step income statement for Ayayai Corporation, showing expenses by function. Include calculation of EPS.
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