nment Exercise 4-11 The following are selected ledger accounts of Culver Corporation at December 31,...
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nment Exercise 4-11 The following are selected ledger accounts of Culver Corporation at December 31, 2017. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $187,750 537,750 Salaries and wages expense (sales) Salaries and wages expense (office) $286,750 348,750 17,750 81,750 74,750 145,250 85,750 19,750 34,750 10,750 242,750 72,750 178,750 902,750 4,277,750 Purchase returns 119,750 2,788,750 Sales returns and allowances Freight-in 36,750 Accounts receivable 29,750 Sales commissions 71,750 Telephone and Internet expense (sales) 35,750 Utilities expense (office) 26,750 Miscellaneous office expenses 56,750 Rent revenue 95,750 Casualty loss (before tax) 50,750 Interest expense 38,750 Common stock ($10 par) Culver's effective tax rate on all items is 34%. A physical inventory in dicates that the ending inventory is S688, 750. Prepare a condensed 2017 income statement for Culver Corporation. (Round earnings per share to 2 decimal places CULVER CORPORATION ng
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