(Question and Answer): Brief Exercise 4-3

Brief Exercise 4-3

Buffalo Corporation had net sales of $2,406,100 and interest revenue of $33,400 during 2017. Expenses for 2017 were cost of goods sold $1,450,300, administrative expenses $214,900, selling expenses $290,300, and interest expense $46,200. Buffalo’s tax rate is 30%. The corporation had 102,100 shares of common stock authorized and 70,750 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Buffalo Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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BUFFALO CORPORATION
Income Statement
 December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
 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 $
    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
$
 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
 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
 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
 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
 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 $
 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 $

Expert Answer

Solution :- Income statement

Particulars Amount ($)
Sales revenue

Interest revenue

2406100

33400

Total revenue (A) 2439500
Cost of goods sold expense

Administrative expense

Selling expense

Interest expense

1450300

214900

  290300

   46200

Total expenses (B) 2001700
Income before income tax = (A) – (B)

(-) income tax (30 % of 437800)

  437800

  131340

Net income   306460
Earnings per share = 306460 / 70750 4.33

Conclusion :- Net income = $ 306460 and Earnings per share = $ 4.33 (approx).

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