22. Electro Wizard Company produces a popular video game called Destructo, which sells for $32. Last year Electro Wizard sold 50,000 Destructo games each of which costs $6 to produce. Electro Wizard incurred selling and administrative expenses of $80,000 and depreciation expense of $10,000. In addition, Electro Wizard has a $100,000 loan outstanding at 12%. Their tax rate is 40%. There are 100,000 common shares outstanding.
Prepare an income statement for Electro Wizard in good form (includes EPS)
Electro Wizard Company
For year ending 12/31/20..
Less Operating Expenses
Operating Profit (EBIT)
Less Interest Expense
Earnings Before Taxes
Earnings Per Share
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