Grouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses...

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Grouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for 2017 were cost ofgoods sold $1,461,400, administrative expenses $212,500, sellingexpenses $296,600, and interest expense $50,800. Grouper’s tax rateis 30%. The corporation had 104,800 shares of common stockauthorized and 73,590 shares issued and outstanding during 2017.Prepare a condensed multiple-step income statement for GrouperCorporation

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Income Statement, as asked

Multi Step Income Statement
Net Sales		$ 2,427,000.00
Cost of Goods Sold		$ 1,461,400.00
Gross Profits		$ 965,600.00
*Operating Expenses:*
Selling Expense	$ 296,600.00
Administrative expense	$ 212,500.00
Total Operating expense		$ 509,100.00
Operating Income		$ 456,500.00
*Other Revenue & Expenses:*
Interest Revenue	$ 31,500.00
Interest expense	$ (50,800.00)	$ (19,300.00)
Net Income before Income taxes		$ 437,200.00
Income tax expense [30%]		$ 131,160.00
Net Income		$ 306,040.00
No. of shares outstanding during 2017		73,590
Earnings per share		$ 4.16

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In: AccountingGrouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for...Grouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for 2017 were cost ofgoods sold $1,461,400, administrative expenses $212,500, sellingexpenses $296,600, and interest expense $50,800. Grouper’s tax rateis 30%. The corporation had 104,800 shares of common stockauthorized and 73,590 shares issued and outstanding during 2017.Prepare a condensed multiple-step income statement for GrouperCorporation