Business, 30.11.2020 17:40 pbargy9551

Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Jensen Corporation. Sales revenue $945,000
Investment revenue 19,500
Cost of merchandise sold (408,500)
Selling expenses (145,000)
Administrative expense (215,000)
Interest expense (13,000)
Income before special items 183,000
Special items
Loss on disposal of a component of the business (30,000)
Major casualty loss (extraordinary item) (70,000)
Net federal income tax liability (???)
Net income ???

Required:
Prepare a multiple-step income statement for 2020 for Jensen Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Jensen 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.

Answers: 3

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Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Jens...

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