The financial records of Metlock Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows.

1.		The beginning merchandise inventory was $89,400 and decreased 20% during the current year.
2.		Sales discounts amount to $23,700.
3.		30,700 shares of common stock were outstanding for the entire year.
4.		Interest expense was $25,300.
5.		The income tax rate is 30%.
6.		Cost of goods sold amounts to $526,900.
7.		Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8.		Four-fifths of the operating expenses relate to sales activities.

From the foregoing information prepare an income statement for the year 2017 in single-step form.

e financial records of Metlock Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows 1. The beginning merchandise inventory was $89,400 and decreased 20% during the current year. 2. Sales discounts amount to $23,700. 3. 30,700 shares of common stock were outstanding for the entire year. 4. Interest expense was $25,300. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $526,900. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare a income statement for the year 2017 in single-step form. (Round earnings per share to 2 decinal places, e.g. 1.48.) METLOCK INC. Income Statement For the Year Ended December 31, 2017 Revenues Net Sales Expenses 526,900 Cost of Goods Sold Selling Expenses Administrative Expenses 105,380 Interest Expense Total Expenses Income Before Income Tax Net Income (Loss) Earnings Per Share