M4-8 (Algo) Reporting an Income Statement with Earnings per Share LO4-2

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $690 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,360 in cash (for a total at the end of the year of 980 shares). These effects are included below:

M4-8 (Algo) Reporting an Income Statement with Earnings per Share LO4-2 Catena's Marketing Company has the following adjusted trlal balance at the end of the current year. Cash dividends of $690 were declared at the end of the year, and 500 additional shares of common stock ( $0.10 par value per share) were issued at the end of the year for $3,360 in cash (for a total at the end of the year of 980 shares). These effects are included below: Prepare a multistep Income statement for the current year. Note: Round your earnings per share to 2 decimal places. 4 Answer is not complete. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ CATENA'S MARKETING COMPANY } \\ \hline \multicolumn{2}{|l|}{ Income Statement } \\ \hline \multicolumn{2}{|l|}{ For the current year } \\ \hline \multicolumn{2}{|l|}{ Operating revenues: } \\ \hline Sales revenue & 42,640 \\ \hline Total operating revenues & 42,640 \\ \hline \multicolumn{2}{|l|}{ Operating expenses: } \\ \hline Wages expense & (21,300) \\ \hline Depreciation expense & (2,160) \\ \hline Utilities expense & (452) \\ \hline Insurance expense & (912) \\ \hline Rent expense & (9,360) \\ \hline Total operating expenses & (34,184) \\ \hline Operating income & 8,456 \\ \hline \multicolumn{2}{|l|}{ Other item: } \\ \hline Interest revenue & 136 \\ \hline Pretax income & 8,592 \\ \hline Income tax expense & (1,860) \\ \hline Net income & 7,622 \\ \hline Earnings per share & 7.77 \\ \hline \end{tabular}