Use the information in BE4-9 to prepare a multiple-step income statement for Taylor Corporation, showing expenses by function.
Taylor Corporation had net sales revenue of 52,780,000 and investment revenue of$103,000 in 2014. Other items pertaining to 2014 were as follows:
In Be4-9

Taylor has 10,000 common shares outstanding. Prepare a single-step income statement showing expenses by nature.
Include calculation of EPS.

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Cost of merchandise sold $2,190,000 Salaries and wages Advertising and promotion Entertainment 175,000 60,000 37,000 272,000 Selling expenses Salaries and wages Rent Utilities 142,000 48,000 21,000 211,000 Administrative expenses Increase in value of company reputation Unrealized gain on value of patents Interest expense Income tax expense 35,000 17,000 76,000 40,000