Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Vaughn Corporation. (Round earnings per share to 2 decimal places, eg. 1.48.)

Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Vaughn Corporation. (Round earnings per share to 2 decimal places, eg. 1.48.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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