please help me on this one

Your answer is partially correct. The financial records of Sheffield Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. 2 3 4. The beginning merchandise inventory was $99,360 and decreased 20% during the current year. Sales discounts amount to $18,700. 19,090 shares of common stock were outstanding for the entire year, Interest expense was $20,400 The income tax rate is 30% Cost of goods sold amounts to $460,000. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. 5. 6. 7. 8. From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per share to 2 SHEFFIELD INC. Income Statement For the Year Ended December 31, 2020 Revenues Net Sale 1259700 Expenses Cost of Goods Sold 510000 Selling Expenses 408000 Administrative Expenses 500 102000 Interest Expense 20000 Total Expenses 1040000 Income Before Income Tax 219700 Administrative Expenses 102000 Interest Expense 20000 Total Expenses 1040000 Income Before Income Tax 219700 DOOD 65910 Income Tax Expense 153790 Net Income / (Loss) Earnings Per Share e Textbook and Media List of Accounts