Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. Include the EPS at the bottom.

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Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 2019 2018 Adjusted Trial Balance Debit Account Title Post-Closing Trial Balance Credit Debit Credit Cash 120,000 125,600 Accounts Receivable Prepaid Insurance 55,000 35,000 5,000 6,000 Inventory 36,000 15,600 Office Equipment 53,000 47,000 Machinery & Tools 59,000 21,000 Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 24,000 16,000 12,200 16,800 2,700 4,000 2,600 2,000 23,000 12,100 240,000 160,000 38,600 38,600 10,000 240,000 142,600 20,000 48,000 11,800 9,200 8,000 1,800 Income Tax Expense 3,000 582,400 $ 582,400 $ 250,200 250,200 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment 6,000 Cash paid for purchase of tools 15,000 Acquisition of Machinery with Notes Payable-Long-term 23,000 Cash payment of dividends 10,000 Cash receipt from issuance of 8,000 shares of common stock 80,000 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 2019 2018 Adjusted Trial Balance Debit Account Title Post-Closing Trial Balance Credit Debit Credit Cash 120,000 125,600 Accounts Receivable Prepaid Insurance 55,000 35,000 5,000 6,000 Inventory 36,000 15,600 Office Equipment 53,000 47,000 Machinery & Tools 59,000 21,000 Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 24,000 16,000 12,200 16,800 2,700 4,000 2,600 2,000 23,000 12,100 240,000 160,000 38,600 38,600 10,000 240,000 142,600 20,000 48,000 11,800 9,200 8,000 1,800 Income Tax Expense 3,000 582,400 $ 582,400 $ 250,200 250,200 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment 6,000 Cash paid for purchase of tools 15,000 Acquisition of Machinery with Notes Payable-Long-term 23,000 Cash payment of dividends 10,000 Cash receipt from issuance of 8,000 shares of common stock 80,000

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Net profit after tax 4400 Adjustments for Non cash items Depreciation fo... View the full answer