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305003Exam1Problems

305003Exam1Problems - EXAM 1 UNIT 1 Chapters 1-4 ACCT 305...

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EXAM 1 - UNIT 1 - Chapters 1-4 - ACCT 305 003 - Dr. B. Pierce - FALL 2009 PART 3: PREPARING A MULTI-STEP INCOME STATEMENT (20 POINTS) JENSEN CORPORATION provided the following information for the calendar year 2008: Cost of goods sold $400,000 Interest expense 20,000 30,000 Sales (net) 900,000 Selling and administrative expenses 300,000 Weighted common shares outstanding 100,000 Tax rate 30% Loss from disposal of Bookbinding division, a major segment Prepare a multiple-step income statement for JENSEN CORPORATION, using good accou in the space provided on the next page, using Excel and appropriate formulas for full credit.
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unting form,
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EXAM 1 - UNIT 1 - Chapters 1-4 - ACCT 305 003 - Dr. B. Pierce - FALL 2009 JENSEN CORPORATE Income Statement For the calendar year 2008 Sales Net Sales 900,000 Sales Revenue 900,000 Costs of good sold 400,000 Gross profit 500,000 Operating expenses Selling and administrative expenses 300000 200,000 Other expenses and loss Loss from disposal of Bookbinding division, a 30000 Interest expenses 20000 50000 Income before income taxes $150,000.00 Income taxes 45000 net income 105000 Earnings per share 1.05
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EXAM 1 - U a.
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