Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below is an income statement for Kinder Company for the year ended December 31, 2017. Kinder Company Income Statement For the Year Ended December
Presented below is an income statement for Kinder Company for the year ended December 31, 2017.
Kinder Company Income Statement For the Year Ended December 31, 2017 | |||
Net sales | $849,740 | ||
Costs and expenses: | |||
Cost of goods sold | 562,300 | ||
Selling, general, and administrative expenses | 75,590 | ||
Other, net | 29,720 | ||
Total costs and expenses | 667,610 | ||
Income before income taxes | 182,130 | ||
Income taxes | 54,639 | ||
Net income | $127,491 |
Additional information:
1. | "Selling, general, and administrative expenses" included a usual but infrequent charge of $7,520 due to a loss on the sale of investments. | ||
2. | "Other, net" consisted of interest expense, $10,350, and discontinued operations loss of $19,370 before taxes. If the discontinued operations had not occurred, income taxes for 2017 would have been $60,450 instead of $54,639. | ||
3. | Kinder had 20,000 shares of common stock outstanding during 2017. |
Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started