Problem 4-4 (Part Level Submission) The following account balances were included in the trial balance of Windsor Corporation at June 30, 2017. Sales revenue $1,588,850 Depreciation expense (office furniture and equipment) $7,509 Sales discounts 31,500 Property tax expense 7,157 Cost of goods sold 905,200 Bad debt expense (selling) 5,267 Salaries and wages expense (sales) 57,360 Maintenance and repairs expense (administration) 9,263 Sales commissions 99,490 Office expense 6,490 Travel expense (salespersons) 33,800 Sales returns and allowances 59,921 Delivery expense 22,030 Dividends received 37,150 Entertainment expense 15,000 Interest expense 19,390 Telephone and Internet expense (sales) 9,200 Income tax expense 99,790 Depreciation expense (sales equipment) 4,659 Depreciation understatement due to error2014 (net of tax) 18,083 Maintenance and repairs expense (sales) 5,870 Dividends declared on preferred stock 8,500 Miscellaneous selling expenses 5,176 Dividends declared on common stock 37,570 Office supplies used 3,606 Telephone and Internet expense (administration) 2,678 The Retained Earnings account had a balance of $338,360 at July 1, 2016. There are 87,330 shares of common stock outstanding.

Problem 4-4 (Part Level Submission) The following account balances were included in the trial balance of Windsor Corporation at June 30, 2017. Sales revenue Depreciation expense (office furniture and equipment) $7,509 $1,588,850 31,500 Sales discounts 7,157 905,200 Cost of goods sold Salaries and wages expense (sales) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) 57,360 Sales commissions 99,490 Office expense Sales returns and allowances 5,267 9,263 6,490 59,921 37,150 19,390 33,800 22,030 Dividends received 15,000 Interest expense 9,200 Income tax expense 99,790 Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) 4,659 Depreciation understatement due to error-2014 (net of tax) 18,083 5,870 Dividends declared on preferred stock 8,500 37,570 Dividends declared on common stock 5,176 3,606 2,678 The Retained Earnings account had a balance of $338,360 at July 1, 2016. There are 87,330 shares of common stock outstanding. (1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.) WINDSOR CORPORATION Income Statement