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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