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Electro Wizard Company produces a popular video game called Destructo, which sells for $32. Last year Electro Wizard sold 50,000 Destructo games...


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
Income Statement
For year ending 12/31/20..
Sales
Less COGS
Gross Profit
Less Operating Expenses
Operating Profit (EBIT)
Less Interest Expense
Earnings Before Taxes
Less Taxes
Net Income
Common Shares
Earnings Per Share

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