Answer:
The answer follows below;
Explanation:
Marin Corporation
Income Statement
For the year 31, xxxx 2017
Sales $2,427,500
Cost of Goods Sold ($1,465,500)
Gross Profit $962,000
Operating Expenses
Admin. Expenses ($220,600)
Selling Expenses ($289,300)
Interest Expense ($47,900)
Total Operating Expenses ($557,800)
Operating Income $404,200
Non Operating Income
Interest Income $40,000
Total Income before Taxation $444,200
Taxes (444,200*30%) ($133,260)
Net Income after Taxation $310,940
Answer:
Net Income $310,940
Earnings Per Share$4.323
Explanation:
MARIN COPERATION Income Statement For the Year Ended December 31, 2017
Net Sales$2,427,500
Cost of Goods Sold$1,465,500
Gross Profit/Loss (2,427,500-1,456,500) $962,000
Selling Expenses$289,300
Administrative Expenses$220,600
($289,300+$220,600) $509,900
Income from Operations ($962,000-$509,900) $452,100
Other Revenues and Gains
Interest Revenue $40,000
Other Expenses and Losses
Interest Expense $47,900
($40,000-$47,900) $7,900
Income Before Income Tax ($452,100-$7,900) $444,200
Income Tax Expense (30%×444,200) $133,260
Net Income/Loss (444,200- 133,260) $310,940
Earnings Per Share$4.323
