Question Details

Prepare a 2014 income statement for Shanta Corporation 



Ex. 1
The following information is available for Rubio Corporation for the year ended December 31, 2014: Sales $900,000; Other revenues and gains $72,000; Operating expenses $110,000; Cost of goods sold $520,000; Other expenses and losses $32,000; Preferred stock dividends $30,000. The company's tax rate was 20%, and it had 40,000 shares outstanding during the entire year.

Instructions
(a)  Prepare a corporate income statement.
(b)  Calculate earnings per share.


Ex. 2
Prepare a 2014 income statement for Shanta Corporation based on the following information:
Cost of goods sold	$490,000
Operating expenses	100,000
Other expenses and losses	30,000
Sales revenue	700,000
Tax rate	30%




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