Jack Hodges, accountant for Edible Pie Foods, was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 2010:

The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and some accounts do not belong on the income statement at all. Also, income tax (30%) has not been applied to all appropriate figures. Edible Pie Foods issued 13,000 shares of common stock back in 2004 and held 3,000 shares as treasury stock all during the fiscal year 2010.

Requirement
1. Prepare a corrected statement of income (single-step, which lists all revenues together and all expenses together), including comprehensive income for 2010. Include earnings pershare.

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Edible Pie Foods, Inc. Income Statement June 30, 2010 Revenue and gains: Sales $894,000 14,000 908,000 Paid-in capital in excess of par-common Total revenues and gains Expenses and losses: $382,000 106,000 95,000 26,000 12,000 17,000 14,000 33,000 Cost of goods sold. General ex Sales returns Dividends paid Sales discounts Income tax expense Total expenses and losses 685,000 223,000 Income from operatio Other gains and losses: ns Extraordinary gain Loss on discontinued operations 40,000 (26,000) Total other gains (losses) 14,000 $237,000 23.70 Net i Earnings per share