Reference no: EM132642406
Question - The following are selected ledger accounts of Grouper Rose Corporation at December 31, 2020:
Cash $184,000
Entertainment expense $70,000
Inventory (as of Jan. 1, 2020) 536,000
Office expense 34,000
Sales revenue 4,245,000
Insurance expense 26,000
Unearned revenue 106,000
Advertising expense 54,000
Purchases 2,763,000
Freight out 94,000
Sales discounts 38,000
Depreciation expense of office equipment 47,000
Purchase discounts 31,000
Depreciation expense of sales equipment 36,000
Salaries and wages expense (sales) 287,000
Telephone and Internet expense (sales) 16,000
Salaries and wages expense (administrative) 347,000
Utilities expense (administrative) 32,000
Purchase returns and allowances 16,000
Miscellaneous expense 6,000
Sales returns and allowances 80,000
Rental revenue 260,000
Freight in 73,000
Loss on disposal of equipment 69,000
Accounts receivable 145,000
Interest expense 196,000
Sales commission expense 81,000
Common shares 1,000,000
Grouper's Rose effective tax rate on all items is 40%. A physical inventory indicates that the ending inventory is $688,000. The number of common shares outstanding is 100,000.
Required - Prepare a condensed multi-step 2020 income statement for Grouper Rose Corporation, showing expenses by function. Grouper Rose follows ASPE but decides to disclose EPS on its income statement.
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