Exercise 4-11 The following are selected ledger accounts of Skysong Corporation at December 31, 2017. Cash...

Exercise 4-11

The following are selected ledger accounts of Skysong Corporation at December 31, 2017.

Cash	$189,090	Salaries and wages expense (sales)	$288,090
Inventory	539,090	Salaries and wages expense (office)	350,090
Sales revenue	4,279,090	Purchase returns	19,090
Unearned sales revenue	121,090	Sales returns and allowances	83,090
Purchases	2,790,090	Freight-in	76,090
Sales discounts	38,090	Accounts receivable	146,590
Purchase discounts	31,090	Sales commissions	87,090
Selling expenses	73,090	Telephone and Internet expense (sales)	21,090
Accounting and legal services	37,090	Utilities expense (office)	36,090
Insurance expense (office)	28,090	Miscellaneous office expenses	12,090
Advertising expense	58,090	Rent revenue	244,090
Delivery expense	97,090	Casualty loss (before tax)	74,090
Depreciation expense (office equipment)	52,090	Interest expense	180,090
Depreciation expense (sales equipment)	40,090	Common stock ($10 par)	904,090

Skysong’s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $690,090.

Prepare a condensed 2017 income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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Expert Solution

ekkarill92 answered 3 months ago

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