The following are selected ledger accounts ofMetlockCorporation at December 31, 2017.

Cash$188,470

Salaries and wages expense (sales)$287,470

Inventory538,470

Salaries and wages expense (office)349,470

Sales revenue4,278,470

Purchase returns18,470

Unearned sales revenue120,470

Sales returns and allowances82,470

Purchases2,789,470Freight-in75,470

Sales discounts37,470

Accounts receivable145,970

Purchase discounts30,470

Sales commissions86,470

Selling expenses72,470

Telephone and Internet expense (sales)20,470

Accounting and legal services36,470

Utilities expense (office)35,470

Insurance expense (office)27,470

Miscellaneous office expenses11,470

Advertising expense57,470

Rent revenue243,470

Delivery expense96,470

Casualty loss (before tax)73,470

Depreciation expense (office equipment)51,470

Interest expense179,470

Depreciation expense (sales equipment)39,470

Common stock ($10par)903,470

Metlock's effective tax rate on all items is34%. A physical inventory indicates that the ending inventory is $689,470.

Prepare a condensed 2017 income statement forMetlockCorporation.(Round earnings per share to 2 decimal places, e.g. 1.48.)

Answer rating: 100% (QA)

Here is the condensed income statement for Metlock Corporation for the year ended December 31 2017 S... View the full answer