Question
The following data were taken from the records of Township Corporation at December 31, 2015: Sales revenue $ 89,000 Gross profit 31,000 Selling (distribution) expense
The following data were taken from the records of Township Corporation at December 31, 2015:
Sales revenue $ 89,000
Gross profit 31,000
Selling (distribution) expense 5,600
Administrative expense ?
Pretax income 13,200
Income tax rate 35%
Shares of stock outstanding 3,900
Required: 1. Prepare a complete multiple-step income statement for the company. (Hint: Rely on the amounts and percentages given to infer missing values.) (Round "Earnings per share" to 2 decimal places.). NOTE: PLEASE ONLY INCLUDE EXACTLY WHAT SHOULD BE PLACED IN EACH OF THE YELLOW CELLS, AS THOSE ARE THE ONLY THINGS THAT NEED TO BE FILLED IN. ALSO, PLEASE FOLLOW THE FORAMT IN THE IMAGE BELOW WHEN PROVIDING THE ANSWER.
TOWNSHIP CORPORATION Income Statement For the Year Ended December 31, 2015 Operating expenses Total operating expenses arnings per shareStep by Step Solution
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