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(Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger accounts of Woods Corporation at December 31, 2012.
Cash
$ 185,000
Salaries and wages expense (sales)
$284,000
Inventory
535,000
Salaries and wages expense (Office)
346,000
Sales revenue
4,175,000
Purchase returns
15,000
Unearned revenue
117,000
Sales returns and allowances
79,000
Purchases
2,786,000
Transportation-in
72,000
Sales discounts
34,000
Accounts receivable
142,500
Purchase discounts
27,000
Sales commissions
83,000
Selling expenses
69,000
Telephone expense (sales)
17,000
Accounting and legal services
33,000
Utilities expense (Office)
32,000
Insurance expense (Office)
24,000
Miscellaneous Office expenses
8,000
Advertising
54,000
Rent revenue
240,000
Transportation-out
93,000
Extraordinary loss (before tax)
60,000
Depreciation expense (office equipment)
48,000
Interest expense
176,000
Depreciation expense (sales equipment)
36,000
Common stock ($10 par)
900,000
Woods's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000.
Instructions
Prepare a condensed 2012 income statement for Woods Corporation.
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