prepare single step income statement for 2020

1. 2. The financial records of Bramble 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. The beginning merchandise inventory was $106,720 and decreased 20% during the current year. Sales discounts amount to $13,940. 18,906 shares of common stock were outstanding for the entire year. Interest expense was $22,000. 5. The income tax rate is 30%. Cost of goods sold amounts to $450,000. 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, 3. 4. 6. 7. 8. BRAMBLE INC. Income Statement For the Year Ended December 31, 2020 Revenues Net Sales Expenses Cost of Goods Sold Administrative Expenses M Interest Expense Selling Expenses Total Expenses Income Before Income Tax Income Tax Expense Net Sales Earnings Per Share $ Tuhan