Preparation of multi-step income statement

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Reference no: EM1314236

Preparation of Multi-step Income statement.

A partial trial balance for Franklin Enterprises at December 31, 2009 included the following:

Sales revenue

$1,850,000

Loss on sale of equipment

30,000

Interest revenue

80,000

Interest expense

20,000

Loss on expropriated assets

150,000

Cost of goods sold

1,100,000

Salaries expense

240,000

Depreciation expense

150,000

Write-off of obsolete inventory

10,000

Rent expense

50,000

Franklin Enterprises has 50,000 shares of stock issued and outstanding and during 2009, was subject to a 35% federal income tax rate.

Required: Using the information provided, prepare a multi-step income statement for the year ended December 31, 2009 in proper format including earnings per share disclosure.

Reference no: EM1314236

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