Prepare a condensed 2012 income statement for woods

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Reference no: EM13575817

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.)

Reference no: EM13575817

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