Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 570 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below:
Debit |
Credit |
|||||||
Cash |
$ |
1,680 |
||||||
Accounts receivable |
2,230 |
|||||||
Interest receivable |
220 |
|||||||
Prepaid insurance |
1,720 |
|||||||
Notes receivable (long-term) |
2,890 |
|||||||
Equipment |
15,200 |
|||||||
Accumulated depreciation |
$ |
2,920 |
||||||
Accounts payable |
2,260 |
|||||||
Accrued expenses payable |
3,830 |
|||||||
Income taxes payable |
2,540 |
|||||||
Unearned rent revenue |
390 |
|||||||
Common Stock (830 shares) |
83 |
|||||||
Additional paid-in capital |
3,617 |
|||||||
Retained earnings |
4,130 |
|||||||
Sales revenue |
36,850 |
|||||||
Interest revenue |
170 |
|||||||
Rent revenue |
720 |
|||||||
Wages expense |
18,800 |
|||||||
Depreciation expense |
1,700 |
|||||||
Utilities expense |
370 |
|||||||
Insurance expense |
700 |
|||||||
Rent expense |
9,200 |
|||||||
Income tax expense |
2,800 |
|||||||
Total |
$ |
57,510 |
$ |
57,510 |
||||
Prepare a multi-step income statement in good form for the current year. Include earnings per share. (Round your earnings per share to 2 decimal places. )
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