Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared.
However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Debit Credit
Cash $ 1,570
Accounts receivable 2,220
Interest receivable 270
Prepaid insurance 1,710
Notes receivable (long-term) 2,880
Equipment 15,500
Accumulated depreciation $ 2,970
Accounts payable 2,230
Accrued expenses payable 3,740
Income taxes payable 2,650
Unearned rent revenue 330
Common Stock (820 shares) 82
Additional paid-in capital 3,508
Retained earnings 5,080
Sales revenue 37,250
Interest revenue 160
Rent revenue 560
Wages expense 19,000
Depreciation expense 1,750
Utilities expense 320
Insurance expense 780
Rent expense 9,800
Income tax expense 2,760
Total $ 58,560 $ 58,560
Prepare a multi-step income statement in good form for the current year. Include earnings per share.
