ABC Corporation, a manufacturing company, is preparing its financial statements for the year ended December 31, 2023. The company provided the following information:

• Beginning Inventory: $100,000
• Purchases: $500,000
• Ending Inventory: $150,000
• Sales Revenue: $800,000
• Sales Returns and Allowances: $20,000
• Sales Discounts: $10,000
• Freight-In: $15,000
• Operating Expenses: $300,000
• Administrative Expenses: $50,000
• Selling Expenses: $30,000
• Depreciation Expense: $25,000
• Interest Expense: $10,000
• Income Tax Rate: 30%

Requirements:

1. Calculate the Cost of Goods Sold (COGS) for the year.
2. Determine the Gross Profit for the year.
3. Compute the Net Sales Revenue after considering sales returns, allowances, and discounts.
4. Calculate the Gross Margin percentage.
5. Compute the Operating Income (Operating Profit) for the year.
6. Determine the Net Income for the year before considering income tax.
7. Calculate the Income Tax Expense.
8. Compute the Net Income after tax.
9. Determine the Earnings per Share (EPS) assuming 50,000 outstanding shares.
10. Prepare the multi-step Income Statement for ABC Corporation for the year ended December 31, 2023.