Exercise 4-11
The following are selected ledger accounts of SkysongCorporation 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 physicalinventory 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.)
