Exercise 4-14

The following are selected ledger accounts of Marigold Corporation at December 31, 2017: Cash $187,000 Entertainment expense $71,700 Inventory (as of Jan. 1, 2017) 540,000 Office expense 32,800 Sales revenue 4,269,000 Insurance expense 24,400 Unearned revenue 129,000 Advertising expense 51,600 Purchases 2,784,000 Freight-out 91,800 Sales discounts 36,000 Depreciation of office equipment 50,000 Purchase discounts 29,000 Depreciation of sales equipment 37,800 Salaries and wages (sales) 286,000 Telephone and Internet expense (sales) 16,500 Salaries and wages (administrative) 349,000 Utilities expense (administrative) 33,800 Purchase returns and allowances 15,000 Miscellaneous expense 8,300 Sales returns and allowances 77,000 Rental revenue 250,000 Freight-in 70,000 Loss on disposal of equipment 62,000 Accounts receivable 144,100 Interest expense 193,000 Sales commission expense 82,100 Common shares 810,000 Holland's effective tax rate on all items is 25%. A physical inventory indicates that the ending inventory is $688,000. The number of common shares outstanding is 81,000 Prepare a condensed multi-step 2017 income statement for Marigold Corporation, showing expenses by function. Include calculation of EPS. ( Round per share answer to 2 decimal places, e.g. 52.74.) Marigold Corporation Income Statement v $L