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Accounting Exercise - Coyote Corporation

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Question;Exercise: Shown below are the accounts of Coyote Corporation for 2014.Telephone and Internet expense (administrative) $ 20,000Sales commissions 145,000Sales revenue 885,000Rent revenue 11,000Office salary expenses 195,000Major casualty loss (extraordinary item) 50,000Loss on sale of equipment 3,000Loss on disposal of a component of the business 30,000Interest expense 13,000Investment revenue 19,500Dividend received 1,200Cost of goods sold 408,500Advertising expense 2,500Required:Prepare a multiple-step income statement for 2014 for Coyote Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Coyote Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent. Show four earnings per share calculations.[Note: Special items are not ?net of tax?.]

 

Paper#39859 | Written in 18-Jul-2015

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