Question

Teruya Corporation provided the following relevant information for its fiscal year ending September 30, 2010:
Sales ................ $ 1,950,000
Cost of goods sold ............ 1,231,600
Sales returns ............... 41,000
Depreciation on sales equipment ......... 6,500
Sales commissions ............ 103,000
Sales salaries ................ 62,300
Administrative salaries ............ 98,200
Depreciation on office equipment ....... 8,500
Bond interest expense ........... 22,000
Selling expenses ............. 168,900
Administrative expense .......... 134,600
Loss on disposal of marine products division .. 80,000
Marine products division operating income .. 100,000
Dividend income .............. 4,000
Entertainment expense ........... 23,100
Dividends declared on preferred stock .... 10,000
On October 1, 2009, Teruya’s retained earnings balance was $ 238,790. The tax rate for Teruya Corporation is 20 percent. There are 50,000 shares of common stock outstanding.
Required:
A. Prepare a multistep income statement for fiscal 2010.
B. Calculate the earnings per share for 2010.


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  • CreatedMarch 25, 2015
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