a$)$ Prepare a single step Income Statement with EPS for December $31,2018.$

Income Tax rate is $30\%.(20\%)$

Tudhope Plumbing Inc.

Trial Balance

December $31,2018$

Debit Credit

Cash $$32,000$

Accounts receivable $30,500$

Office supplies $4,600$

Prepaid insurance $4,800$

Equipment $308,100$

Accum. Amort.$-$ equipment $$33,300$

Accounts payable $12,500$

Unearned service revenue $6,800$

Salary payable $5,800$

Shareholder$$s Equity $237,200$

Operations:

Operating Service revenue $177,500$

Salary expense $33,900$

Advertising expense $15,400$

Utilities expense $19,900$

Miscellaneous expense $1,700$

Supplies expense $4,900$

Insurance expense $5,400$

Amort. expense$-$equipment $22,400$

Discontinued Operations:

Gain on Sale of Equipment $28,000$

Net Loss $17,500$

Total $$501,100$ $$501,100$

Tudhope Plumbing Inc.

Statement of Shareholders Equity

December $31,2018$

Preferred shares, $$6$ cumulative,

$5,000$ shares issued and outstanding $$50,000$

Common shares, $12,000$ shares issued $120,000$

Retained earnings $67,200$

Total shareholders' equity $$237,200$