The financial records of Metlock 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. The beginning merchandise inventory was $89,400 and decreased 20% during the current year.
2. Sales discounts amount to $23,700.
3. 30,700 shares of common stock were outstanding for the entire year.
4. Interest expense was $25,300.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $526,900.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. 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.

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers.b) may not accept the offer because it is considered lavish entertainment.c) must obtain written consent from batts brothers before accepting the offer.