Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2012. Expenses for 2012

Question:

Brisky had net sales of $2,400,000 and interest revenue of $31,000 during 2012. Expenses for 2012 were: cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The had 100,000 shares of authorized and 70,000 shares issued and outstanding during 2012. Prepare a single-step income statement for the year ended December 31, 2012.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...