Reference no: EM133074439
Question - Data for VBC, Inc. Income Statement Year runs January 1, 2020 through December 31, 2020
Not all of these accounts relate to Income Statement
Sales and marketing expense 645,000
Cost of goods sold 2,007,775
Property and equipment 975,000
Provision for income taxes 33% tax rate
Prepaid insurance 6,800
Shares outstanding beginning of period 700,000
Sales returns 20,000
Accounts receivable 412,000
General and administrative expense 290,000
Gross Revenues 3,785,000
Interest income 28,000
Research and development expense 527,000
Loss on disposal of segment (pre-tax) 60,000
Accounts payable 261,000
Shares outstanding end of period 800,000
Loss on sale of investments 25,000
Goodwill 49,000
Cash 414,000
Sales discounts 5,000
Average equivalent shares 100,000
Required -
A. Prepare a proper income statement?
B. What is the gross margin?
C. What is the Basic EPS for the year?
D. What is the Diluted EPS for the year?
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: Question - Data for VBC, Inc. Income Statement Year runs January 1, 2020 through December 31, 2020 - Prepare a proper income statement
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