The following are selected Spock Corporation ledger accounts as of December 31, 2014. Money $188,640 Wage and
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The following are selected Spock Corporation ledger accounts as of December 31, 2014.
Money | $188,640 | Wage and salary expenses (sales) | $287,640 | |||
Inventory | 538,640 | Wage and salary expenses (office) | 349,640 | |||
sales revenue | 4,278,640 | purchase returns | 18,640 | |||
Unearned sales revenue | 120,640 | Sales returns and benefits | 82,640 | |||
shopping | 2,789,640 | Loaded | 75,640 | |||
sales discounts | 37,640 | accounts receivable | 146,140 | |||
purchase discounts | 30,640 | Sales commissions | 86,640 | |||
selling expenses | 72,640 | Telephone and Internet expenses (sales) | 20,640 | |||
Accounting and legal services | 36,640 | Utility expenses (office) | 35,640 | |||
Insurance expenses (office) | 27,640 | Miscellaneous office expenses | 11,640 | |||
advertising expenses | 57,640 | rental income | 243,640 | |||
Shipping costs | 96,640 | Extraordinary loss (before taxes) | 73,640 | |||
Depreciation expense (office equipment) | 51,640 | Interest expenses | 179,640 | |||
Depreciation expense (sales equipment) | 39,640 | Common Stock ($10 par) | 903,640 |
Spock's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $689,640.
Prepare a condensed 2014 income statement for Spock Corporation. (Round earnings per share to 2 decimal places, for example, 1.48.)
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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