90.2K

Verified Solution

Link Copied!

The following information applies to the questions displayed below Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY At March 31, 2016 Debit 58,000 49,000 1,000 34,000 Credit Accounts reccivablc Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles 14,000 ce equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Notc payable, long term Capital stock (par $1;33,000 shares) Paid-in capital Retained earnings (on April 1, 2015) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expensc (on autos and including $500 on office cquipment) Interest expense Income tax expense (not yet computed) 3,000 2,000 10,500 33,000 9,000 8,000 1,000 $216,500 S216,5 3 10.00 points Required: Complete the financial statements as follows a. Classified (multiple-step) income statement for the reporting year ended March 31, 2016. Include income tax expense, assuming a 25 percent tax rate. (Round your "Earnings per share" to 2 decimal places.) Income Statement Operating expenses Total operating expenses Earnings per share

Answer & Explanation Solved by verified expert

See Answer