Question 2 of 8

Question 2 of 8 View Policies Current Attempt in Progress The financial records of Sheridan Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. 2. 3. 4. 5. 6. 7. 8. The beginning merchandise inventory was $ 106,720 and decreased 20% during the current year. Sales discounts amount to $17,340. 20,986 shares of common stock were outstanding for the entire year. Interest expense was $22 The income tax rate is 30%. Cost of goods sold amounts to $500,000. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per Share to 2 decimal places eg 1.48.) Revenues Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expense Total Expenses Income Before Income Tax Income Tax Expense Net Income / (Loss) Earnings Per Share SHERIDAN INC. Income Staternent For the Year Ended December 31.2020