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The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc....

The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc. as at December 31, 2017, was made available after its second year of operations:

  Account Debit Credit
  Accounts Payable    $ 2,500
  Accumulated Depreciation, Office Equipment    8,000
  Cash $ 17,500
  Common Shares, 20,000 authorized;
       10,000 issued and outstanding		    12,500
  Dividends Payable 4,500
  Gain on Expropriation of Land and Building 25,000
  Income Tax Expense 12,000   
  Income Tax Payable 2,000
  Loss on Sale of Office Equipment 13,500
  Notes Payable (due in 18 months) 8,500
  Office Equipment 56,000
  Operating Expenses 195,500
  Preferred Shares, $0.25 non-cumulative; 5,000 shares
       authorized; 2,000 shares issued and outstanding		    10,000
  Prepaid Rent 22,500
  Retained Earnings    14,500
  Ticket Sales    229,500
    Totals $ 317,000 $ 317,000


Required:
The dividends declared by Willis in the amount of $4,500 during the year ended December 31, 2017, were debited directly to retained earnings. Prepare an income statement (in multi-step format), and a classified balance sheet for Willis Tour Co. Inc. using the information provided. Include the appropriate presentation for earnings per share. (Round the "Earnings per Share" answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)

Earnings per share

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ekkarill92 answered 1 day ago
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