The following data were taken from the records of Village Corporation at December 31, 2004:

Required:
Prepare a complete multiple-step income statement for the company (showing both gross profit and income from operations). Show all computations. (Hint: Set up the side captions starting with sales revenue and ending with earnings per share; rely on the amounts and percentages given to infer missing values.)

Transcribed Image Text:

Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income $70,000 24,500 8,000 ? 12,000 Income tax rate 30% Shares of stock outstanding 3,000