Problem - FocusMore Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 2010.
Accounts Payable $15,000
Accounts Receivable 18000
Accumulated Depreciation Building 26,200
Advertising Expense 12800
Building 100,000
Capital Stock ($1 par) 60,000
Cash 15,000
Cost of Goods Sold 56,500
Depreciation Expense 2,000
Insurance Expense 1,900
Interest revenue 2,500
Inventory 25,000
Land 30,000
Prepaid insurance 4,600
Retained Earnings (1-1-2010) 58,000
Salaries Expense 48,000
Salaries Payable 4,600
Sales 158,000
Sales Returns & Allowances 8,000
Supplies inventory 1,200
Supplies Expense 2,000
Unearned Revenue 700
Required: Prepare a multiple step income statement for 2010. (Include gross profit, income from operations, Net income and EPS. Tax rate is 35%)