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.)