Return to question Credit Debit $ 58,400 49,000 1,400 34,700 $ 13, 200 3,500 JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 32,900 shares) capital Retained earnings (on April 1, 2018) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $300 on office equipment) Interest expense Income tax expense (not yet computed) Totals 1,400 21,500 0 1,600 32,400 32,900 4,500 7,500 Paid-in capit 11,300 103,200 32,200 18,900 7,600 1,200 $218, 200 $218,200 Required: Complete the financial statements as follows: a. Classified (multiple-step) income statement for the reporting year ended March 31, 2019. Include income tax expense, assuming a 40 percent tax rate. (Round your "Earnings per share" to 2 decimal places.) percent tax rate. (Round your "Earnings per share" to 2 decimal places.) Answer is complete but not entirely correct. JORDAN SALES COMPANY Income Statement For the Year Ended March 31, 2019 Sales revenue $ 103,200 32,200 71,000 Cost of goods sold Gross profit Operating expenses: Operating expenses Depreciation expense $ 18,900 7,600 Total operating expenses Income from operations 26,500 31,900 X 1,200 Interest expense Income before income taxes 30,700 Income tax expense 7,675 X $ 23,025 X Net income Earnings per share 0.70 X