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27/08/2022
Sweet Corporation had net sales of $2,429,800 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,600, administrative expenses $221,700, selling expenses $289,000, and interest expense $49,900. Sweet’s tax rate is 30%. The corporation had 100,300 shares of common stock authorized and 70,420 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Sweet Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
SWEET CORPORATION
Income Statement
December 31, 2017
For the Year Ended December 31, 2017
For the Quarter Ended December 31, 2017
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
$
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
$
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
$
Dividends
Earnings Per Share
Expenses
Gross Profit / (Loss)
Income Before Income Tax
Income From Operations
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Other Revenues and Gains
Other Expenses and Losses
$
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