Prepare an income statement for the year ended june

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Reference no: EM131807813

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.

Reference no: EM131807813

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