The following account balances were included in the trial balance of Tamarisk Corporation at June 30, 2017.
| Sales revenue |
|
$1,592,670 |
|
Depreciation expense (office furniture and equipment) |
|
$7,151 |
| Sales discounts |
|
31,900 |
|
Property tax expense |
|
7,099 |
| Cost of goods sold |
|
899,200 |
|
Bad debt expense (selling) |
|
5,263 |
| Salaries and wages expense (sales) |
|
57,010 |
|
Maintenance and repairs expense (administration) |
|
8,803 |
| Sales commissions |
|
98,990 |
|
Office expense |
|
5,560 |
| Travel expense (salespersons) |
|
31,000 |
|
Sales returns and allowances |
|
68,004 |
| Delivery expense |
|
23,270 |
|
Dividends received |
|
41,490 |
| Entertainment expense |
|
14,950 |
|
Interest expense |
|
16,770 |
| Telephone and Internet expense (sales) |
|
9,140 |
|
Income tax expense |
|
108,670 |
| Depreciation expense (sales equipment) |
|
5,013 |
|
Depreciation understatement due to error-2014 (net of tax) |
|
18,834 |
| Maintenance and repairs expense (sales) |
|
6,043 |
|
Dividends declared on preferred stock |
|
9,140 |
| Miscellaneous selling expenses |
|
4,798 |
|
Dividends declared on common stock |
|
40,580 |
| Office supplies used |
|
3,206 |
|
|
|
|
| Telephone and Internet expense (administration) |
|
2,954 |
|
The Retained Earnings account had a balance of $337,480 at July 1, 2016. There are 87,000 shares of common stock outstanding.
Using the multiple-step form, prepare an income statement for the year ended June 30, 2017.