Question 1 The following account balances were included in the trial balance of Culver Corporation at June 30, 2017. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions 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) $1,589,330 32,770 898,500 56,960 99,050 35,000 22,220 15,060 9,230 5,411 6,290 4,874 3,367 2,676 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense Depreciation understatement due to error-2014 (net of tax) Dividends declared on preferred stock Dividends declared on common stock $6,697 7,616 5,289 9,928 5,690 57,492 35,470 16,220 101,760 18,693 8,770 33,790 The Retained Earnings account had a balance of $351,680 at July 1, 2016. There are 84,210 shares of common stock outstanding 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.) CULVER CORPORATION Income Statement For the Year Ended June 30, 2017 v