Preparing a Single-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, the end of its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares of common stock outstanding for the year were 10,000. Sales revenue Depreciation for the period Rent revenue Gain on sale of investment Cost of goods sold Selling expenses General and administrative expenses Interest revenue Interest expense Loss on sale of investment $645,200 6,000 2,400 2,000 330,000 136,000 110,000 900 1,500 22,000 Prepare a single-step income statement for the 12 months ended December 31, including the earnings per share disclosures. Report income taxes in its own section. Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Balley Corp.
Income Statement
For the Year Ended December 31
Revenues and gains
Expenses and losses
Earnings per share $
0
>
>
V
V
>
V
tA
tA
Transcribed Image Text:Balley Corp. Income Statement For the Year Ended December 31 Revenues and gains Expenses and losses Earnings per share $ 0 > > V V > V tA tA
Preparing a Single-Step Income Statement
The following items are from the adjusted trial balance of Bailey Corp. on December 31, the end of
its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares
of common stock outstanding for the year were 10,000.
Sales revenue
Depreciation for the period
Rent revenue
Gain on sale of investment
Cost of goods sold
Selling expenses
General and administrative expenses
Interest revenue
Interest expense
Loss on sale of investment
$645,200
6,000
2,400
2,000
330,000
136,000
110,000
900
1,500
22,000
Prepare a single-step income statement for the 12 months ended December 31, including the earnings per share disclosures. Report income taxes in its own section.
Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny.
Note: Do not enter any negative signs with your answers.
Transcribed Image Text:Preparing a Single-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, the end of its annual accounting period. Assume an average 25% income tax on all items. Weighted average shares of common stock outstanding for the year were 10,000. Sales revenue Depreciation for the period Rent revenue Gain on sale of investment Cost of goods sold Selling expenses General and administrative expenses Interest revenue Interest expense Loss on sale of investment $645,200 6,000 2,400 2,000 330,000 136,000 110,000 900 1,500 22,000 Prepare a single-step income statement for the 12 months ended December 31, including the earnings per share disclosures. Report income taxes in its own section. Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. Note: Do not enter any negative signs with your answers.
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