Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)NASH CORPORATIONIncome Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017select an opening name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount enter an income statement item  enter a dollar amount select a summarizing line for the first part    Dividends    Earnings Per Share    Expenses    Gross Profit / (Loss)    Income Before Income Tax    Income From Operations    Net Income / (Loss)    Net Sales    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    Other Revenues and Gains    Other Expenses and Losses     enter a total amount for the first part enter an income statement item $enter a dollar amount  enter an income statement item enter a dollar amount    enter a subtotal of the two previous amounts select a summarizing line for the second part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the second part select an opening name for section two DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and Gains  enter an income statement item enter a dollar amount  select an opening name for section three DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Expenses and Losses  enter an income statement item enter a dollar amount    enter a subtotal of the two previous amounts select a summarizing line for the third part DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses enter a total amount for the third part enter an income statement item  enter a dollar amount select a closing name for this statement DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a total net income or loss amount    select an income statement item DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses $enter a dollar amount rounded to 2 decimal places

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Asked Jul 23, 2019
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Nash Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Nash’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

NASH CORPORATION
Income Statement
choose the accounting period
 December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
select an opening name for this statement
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
 
$enter a dollar amount
 
enter an income statement item
 
 
enter a dollar amount
 
select a summarizing line for the first part
    Dividends    Earnings Per Share    Expenses    Gross Profit / (Loss)    Income Before Income Tax    Income From Operations    Net Income / (Loss)    Net Sales    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    Other Revenues and Gains    Other Expenses and Losses    
 
enter a total amount for the first part
 
enter an income statement item
 
$enter a dollar amount
 
 
enter an income statement item
 
enter a dollar amount
 
 
   
enter a subtotal of the two previous amounts
 
select a summarizing line for the second part
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
 
enter a total amount for the second part
 
select an opening name for section two
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and Gains
   
enter an income statement item
 
enter a dollar amount
 
 
select an opening name for section three
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Expenses and Losses
   
enter an income statement item
 
enter a dollar amount
 
 
   
enter a subtotal of the two previous amounts
 
select a summarizing line for the third part
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
 
enter a total amount for the third part
 
enter an income statement item
 
 
enter a dollar amount
 
select a closing name for this statement
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
 
$enter a total net income or loss amount
 
     
select an income statement item
 DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal RevenuesOther Revenues and GainsOther Expenses and Losses
 
$enter a dollar amount rounded to 2 decimal places
 
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Expert Answer

Step 1

Multi-step income statement: The income statement represented in multi-steps with several subtotals, to report the income from principal operations, and separate the other expenses and revenues which affect net income, is referred to as multi-step income statement.

Step 2

Prepare the multiple-step income statement for Company N.

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Prepare the multiple-step income statement for Company N: Company N Income Statement Year Ended December 31, 2017 Amount (S) Amount (S) Particulars Revenue S2,417,500 Sales Less: Cost of Goods Sold S1,462,200 S955,300 Gross Profit Selling expenses Administrative expenses $221,900 $295,900 $517,800 $437,500 Income from Operations Other Revenues and Gains Interest revenue $39,900 Other Expenses and Losses Interest Expense $49,500 (S9,600) $427,900 Income Before Income Tax Income tax expense (30%) Net Income / (Loss) $128.370 $299,530 S 4.26 Earnings Per Share

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Step 3

Compute the Earnings Per Sh...

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Compute the Earnings Per Share Net Income Eamings Per Share = Number of shares $299,530 70,380 = S4.26 (rounded)

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