The Sutton Forest Products Company Had Sales During 2014 of $1,200,000.Sutton

question 73

Essay

The Sutton Forest Products Company had sales during 2014 of $1,200,000.Sutton operates at a gross profit of 50%.Purchases of inventory during 2014 totaled $675,000 and ending inventory totaled $210,500.Selling expenses were 20% of sales and general and administrative expenses were 75% of the selling expenses.Sutton's tax rate is 40% and the company has 50,000 shares of common stock outstanding.
Prepare an income statement for Sutton Forest Products,including earnings per share data,for the year ended December 31,2014

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Definitions:

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