ElectroWizard Company produces a popular video game called Destructo,which sells for $32.Last year ElectroWizard sold 50,000 Destructo games,each of which costs $6 to produce.ElectroWizard incurred selling and administrative expenses of $80,000 and amortization expense of $10,000.In addition,ElectroWizard has a $100,000 loan outstanding at 12%.Its tax rate is 40%.There are 100,000 common shares outstanding.
Prepare an income statement for ElectroWizard in good form (include EPS).

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The Answer of ElectroWizard Company produces a popular video game called Destructo,which sells for $32.Last year ElectroWizard sold 50,000 Destructo games,each of which costs $6 to produce.ElectroWizard incurred selling and administrative expenses of $80,000 and amortization expense of $10,000.In addition,ElectroWizard has a $100,000 loan outstanding at 12%.Its tax rate is 40%.There are 100,000 common shares outstanding.
Prepare an income statement for ElectroWizard in good form (include EPS).

ElectroWizard Company Produces a Popular Video Game Called Destructo,which Sells