Question:
Below is a partial adjusted trial balance for Cooper, Inc. at December 31, 2014.
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December 31, 2014-Cooper, Inc.
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Debit
|
credit
|
|
Sales revenue
|
|
700,000
|
|
Interest revenue
|
|
60,000
|
|
Gain on sale of investments
|
|
110,000
|
|
Cost of goods sold
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500,000
|
|
|
Selling expenses
|
150,000
|
|
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Restructuring costs
|
40,000
|
|
|
Interest expense
|
30,000
|
|
|
General and administrative expense
|
60,000
|
|
Cooper had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.
Required: Prepare a multiple-step income statement for Cooper, Inc. for the year ended December 31, 2104. Include necessary earnings per share disclosures.