Bonita corporation had net sales of $2,409,200 and interest revenue of $38,100 during 2020. expenses for 2020 were cost of goods sold $1,464,600, administrative expenses $212,400, selling expenses $284,000, and interest expense $54,400. bonita’s tax rate is 30%. the corporation had 110,000 shares of common stock authorized and 71,390 shares issued and outstanding during 2020. prepare a condensed multiple-step income statement for bonita corporation.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?