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Riverbed Corporation had net sales of $4,650,000 and interest revenue of $85,000 during 2017. Expenses for 2017 were cost of goods sold $2,940,000; selling expenses
Riverbed Corporation had net sales of $4,650,000 and interest revenue of $85,000 during 2017. Expenses for 2017 were cost of goods sold $2,940,000; selling expenses $438,000; administrative expenses $540,000; and interest expense $21,000. Riverbed's tax rate is 40%. The corporation had 580,000 shares of common stock authorized and 58,000 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.) RIVERBED CORPORATION Income Statement $ Income Statement For the Year Ended December 31, 2017 Revenues Net Sales $ Interest Revenue Total Revenues Expenses Cost of Goods Sold $ Administrative Expenses Selling Expenses Interest Expense Income Tax Expense Total Expenses Net Income /(Loss) $ Net Income /(Loss) $
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