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Prepare an income statement for mike singletary corporation

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Reference no: EM131134522

In 2010, Mike Singletary Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation's tax rate is 30%. The corporation declared preferred dividends of $15,000 in 2010, and its average common stockholders' equity during the year was $200,000.

Instructions

(a) Prepare an income statement for Mike Singletary Corporation.

(b) Compute Mike Singletary Corporation's return on common stockholders' equity for 2010.

Reference no: EM131134522

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