Willow Company is preparing financial statements for the calendar year 2003. The following totals for each account have been verified as correct:
|
Office Supplies on Hand |
$300 |
|
Insurance Expense |
120 |
|
Gross Sales Revenue |
$6,000 |
|
Cost of Goods Sold |
3,220 |
|
Sales Returns |
$200 |
|
Interest Expense |
100 |
|
Accounts Payable |
$120 |
|
Accounts Receivable |
260 |
|
Extraordinary Loss |
1,080 |
|
Selling Expenses |
360 |
|
Office Supplies Used |
$80 |
|
Cash |
$300 |
|
Revenue from Investments . . |
280 |
|
Number of Shares of Capital Stock |
$90 |
Prepare an income statement. Assume a 20% income tax rate on both income from operations and extraordinary items. Include EPS numbers.