Will Tompkins, accountant for Greene Harvest Foods, Inc., was injured in an auto accident. While he was recuperating, another, inexperienced employee prepared the following income statement for the fiscal year ended June 30, 2014:

The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and some accounts do not belong on the income statement at all. Also, income tax (30%) has not been applied to all appropriate figures. Greene Harvest Foods issued 27,000 shares of common stock back in 2004 and held 7,000 shares as treasury stock all during the fiscal year 2014.

Requirement
1. Using the End-of-Chapter Summary Problem (pages 637€“ 638) as an example, prepare a corrected income statement for Greene Harvest Foods, Inc., for the fiscal year ended June 30, 2014. Use the single- step format, which lists all revenues together and all expenses together. Also prepare the earnings-per-share section of the statement.
2. Using Exhibit 11- 2 (p. 631) as an example, prepare a Statement of Comprehensive Income for Greene Harvest Foods, Inc., for the fiscal year ended June 30, 2014. Start with net income, as computed in Requirement 1.

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Greene Harvest Foods, Inc. Income Statement June 30, 2014 2 Revenue and gains 3 Sales 4Paid-in capital in excess of par-common 5Total revenues and gains. 6 Expenses and losses: 7 Cost of goods sold 8 Selling expenses 9 General expenses 10 Sales returns 11 Unrealized loss on available-for-sale investments 12 Dividends paid 13 Sales discounts 14 Income tax expense 15 Total expenses and losses 16 Income from operations 17 Other gains and losses: 18 Extraordinary gain 19Loss on discontinued operations 20 Total other gains (losses). 21 Net income 22 Earnings per share 23 $983,000 11,000 994,000 464,000 1,000 92,000 20,000 10,000 16,000 14,000 102,600 769,600 224,400 36,000 (25,000) 235400 23.54