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Presented below is an income statement for Oriole Company for the year ended December 31, 2020. Oriole Company Income Statement For the Year Ended December
Presented below is an income statement for Oriole Company for the year ended December 31, 2020.
Oriole Company Income Statement For the Year Ended December 31, 2020 | |||
Net sales | $818,000 | ||
Costs and expenses: | |||
Cost of goods sold | 568,000 | ||
Selling, general, and administrative expenses | 67,000 | ||
Other, net | 41,000 | ||
Total costs and expenses | 676,000 | ||
Income before income taxes | 142,000 | ||
Income taxes | 42,600 | ||
Net income | $99,400 |
Additional information:
1. | "Selling, general, and administrative expenses" included a usual but infrequent charge of $6,100 due to a loss on the sale of investments. | ||
2. | "Other, net" consisted of interest expense, $11,000, and a discontinued operations loss of $30,000 before taxes. If the discontinued operations loss had not occurred, income taxes for 2020 would have been $51,600 instead of $42,600. | ||
3. | Oriole had 20,000 shares of common stock outstanding during 2020. |
Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures.
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