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Your answer is partially correct. Try again. Presented below is an income statement for Kinder Company for the year ended December 31, 2017 Kinder Company For the Year Ended December 31, 2017 Net sales $834,710 Costs and expenses Cost of goods sold 546,100 Selling, general, and administrative expenses 78,720 34,000 658,820 175,890 52,767 $123,12:3 Other, net Total costs and expenses Income before income taxes Income taxes Net income Additional information: 1. “Selng, general, and administrative expenses” included a usual but infrequent charge of $6,050 de to a loss on the sale of investments. 2. “Other, net” consisted of interest expense, 10,740, and discontinued operations loss of $23,260 before taxes. If the discontinued operations had not occurred, income taxes for 2017 would have been $59,745 instead 3. Kinder had 20,000 shares of common stock outstanding during 2017. Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places,e.g. $1.48.) of $52,767
Expert Answer
| Income statement | ||
| Net sales | $834,710 | |
| Cost and Expenses | ||
| Cost of Good sold | $546,100 | |
| Selling, General & Adm expenses (78720-6050) | 72670 | |
| Interet expenses | 10740 | |
| Infrequent charge-loss on sale of investment | $6,050 | |
| Total cost and expenses | $635,560 | |
| Income before taxes | $199,150 | |
| Income taxes | 59745 | |
| Income from continuing operations | $139,405 | |
| Discontinued operations | ||
| Loss from dicountinied operations | -23260 | |
| Less: applicable taxes | 6978 | |
| -16282 | ||
| Net income | $123,123 | |
| Per share common stock | ||
| Income from continuing operations 139405/20000 | $6.97 | |
| Discontiniuing operations -16292/20000 | -0.81 | |
| Net Income | $6.16 | |
