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Exercise 4-11 The following are selected ledger accounts of Skysong Corporation at December 31, 2017. Cash $189,090 Salaries and wages...

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Accounting

Exercise 4-11

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

Cash$189,090Salaries and wages expense (sales)$288,090
Inventory539,090Salaries and wages expense (office)350,090
Sales revenue4,279,090Purchase returns19,090
Unearned sales revenue121,090Sales returns and allowances83,090
Purchases2,790,090Freight-in76,090
Sales discounts38,090Accounts receivable146,590
Purchase discounts31,090Sales commissions87,090
Selling expenses73,090Telephone and Internet expense (sales)21,090
Accounting and legal services37,090Utilities expense (office)36,090
Insurance expense (office)28,090Miscellaneous office expenses12,090
Advertising expense58,090Rent revenue244,090
Delivery expense97,090Casualty loss (before tax)74,090
Depreciation expense (office equipment)52,090Interest expense180,090
Depreciation expense (sales equipment)40,090Common 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.)

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