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Q2. The following information is available for Kesley Corporation for the year ended December 31, 2016: Sales $700000; Other revenues and Gains $9000; operating expenses $20000; cost of goods sold S300000; other expenses and losses $4000; preferred stock dividend $10000. The company tax rate 25% and it had 25000 shares outstanding during the entire year. Required: c. Prepare a Income Statement (Marking Scheme: Computation- 8 Marks, Correct Marks 2 Marks) d. Calculate earnings per share (Marking Scheme Computation 4 Marks, Correct Marks 1 Marks)

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Answer Kesley Corpotation Iroome stotment Sales (3oo000) Gvoss pyoft Add other eenue Less s ainn 9000 opeiat penses (20000) other expenses and locces Profit be-fore Tax ,fox @ 25冫 3s 5000 96250 Netincome 288,7SO Cd) ening pei share Nletincome Pre-tered dividend aeightd A Common chore c 2 S00O 25000 - 15 per sbare All the be st.

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