Reporting an Income Statement with Earnings per Share
Romney’s Marketing Company has the following adjusted trial balance at December 31. 2012. No dividend s were declared . However, 500 shares issued at the end of the year for $3,000 are included below :
| Debit | Credit |
Cash | $1,500 |
|
Accounts receivable | 2,200 |
|
Interest receivable | 100 |
|
Prepaid insurance | 1,600 |
|
Notes receivable (long-term) | 2,800 |
|
Equipment | 15,000 |
|
Accumulated depreciation |
| $3.000 |
Accounts payable |
| 2,400 |
Accrued expenses payable |
| 3,920 |
Income taxes payable |
| 2,700 |
Unearned rent revenue |
| 500 |
Contributed capital (800 shares) |
| 3.700 |
Retained earnings |
| 2,000 |
Sales revenue |
| 37 ,650 |
Interest revenue |
| 100 |
Rent revenue |
| 750 |
Wages expense | 19.000 |
|
Depreciation expense | 1,800 |
|
Utilities expense | 320 |
|
Insurance expense | 700 |
|
Rent expense | 9,000 |
|
Income tax expense | 2700 |
|
Total | $56,720 | $56,720 |
Prepare a multi-step income statement in good form fur 2012. Include earnings per share.
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