The financial records of Headland Inc. were destroyed by fire at the end of 2017....
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The financial records of Headland 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, 2. 3. 4. 5. 6. 7, 8. The beginning merchandise inventory was $92,800 and decreased 20% during the current year. Sales discounts amount to $22,800. 30,470 shares of common stock were outstanding for the entire year. Interest expense was $29,900 The income tax rate is 30%. Cost of goods sold amounts to $507,300. 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 2017 in single-step form. (Round earnings per share to 2 decimal places,e.g. 1.48.) HEADLAND INC. tement For the Year Ended December 31, 2017 Revenues Net Sales Expenses $ 507300 Cost of Goods Sold Administrative Expenses 101460 Selling Expenses Interest Expense 29900 Total Expenses Income Before Income Tax Income Tax Expense Net Income / (Loss)
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