Question

Romney's Marketing Company has the following adjusted trial balance at the end of the current year....

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. )

ROMNEY’S MARKETING COMPANY

Income Statement

For the current year

Operating revenues:

Sales revenue

$

36,850

Total operating revenues

36,850

Operating expenses:

Wages expense

18,800

Depreciation expense

1,700

Utilities expense

370

Insurance expense

700

Rent expense

9,200

Total operating expenses

30,770

Operating income

6,080

Other items:

Interest revenue

170

Rent revenue

720

Pretax income

6,970

Income taxes expense

2,800

Net income

$

4,170

Earnings per share

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