Presented below are selected ledger accounts of Woods Corporation at December 31, 2012.
|
Cash |
$185,000 |
|
Sales salaries |
$290,700 |
|
Merchandise inventory |
541,200 |
|
Office salaries |
352,300 |
|
Sales |
4,279,000 |
|
Purchase returns |
15,000 |
|
Advances from customers |
117,000 |
|
Sales returns |
79,000 |
|
Purchases |
2,786,000 |
|
Transportation-in |
72,000 |
|
Sales discounts |
34,000 |
|
Accounts receivable |
142,500 |
|
Purchase discounts |
27,000 |
|
Sales commissions |
83,000 |
|
Travel and entertainment |
69,000 |
|
Telephone-sales |
17,000 |
|
Accounting and legal services |
33,000 |
|
Utilities-office |
32,000 |
|
Insurance expense-office |
24,000 |
|
Miscellaneous office expenses |
8,000 |
|
Advertising |
54,000 |
|
Rental revenue |
240,000 |
|
Transportation-out |
93,000 |
|
Extraordinary loss (before tax) |
70,000 |
|
Depreciation of office equipment |
48,000 |
|
Interest expense |
176,000 |
|
Depreciation of sales equipment |
36,000 |
|
Common stock ($10 par) |
900,000 |
Woods's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $690,900.
Prepare a condensed 2012 income statement for Woods Corporation. (Round earnings per share to 2 decimal places, e.g. 5.25 and all other answers to zero decimal places, e.g. 2,250. For earnings per share use either a negative sign preceding the number, e.g. -0.45 or parenthesis, e.g. (0.45) for negative amounts. Enter all other amounts as positive amounts and subtract where necessary. List multiple entries from largest to smallest amount, e.g. 10, 5, 2.)