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, 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

Question

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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