The following are selected ledger accounts of Swifty Corporation at December 31, 2017. Cash $186,850

The following are selected ledger accounts of Swifty Corporation at December 31, 2017.
Cash $186,850 Salaries and wages expense (sales) $285,850 Inventory 536,850 Salaries and wages expense (office) 347,850 Sales revenue 4,276,850 Purchase returns 16,850 Unearned sales revenue 118,850 Sales returns and allowances 80,850 Purchases 2,787,850 Freight-in 73,850 Sales discounts 35,850 Accounts receivable 144,350 Purchase discounts 28,850 Sales commissions 84,850 Selling expenses 70,850 Telephone and Internet expense (sales) 18,850 Accounting and legal services 34,850 Utilities expense (office) 33,850 Insurance expense (office) 25,850 Miscellaneous office expenses 9,850 Advertising expense 55,850 Rent revenue 241,850 Delivery expense 94,850 Casualty loss (before tax) 71,850 Depreciation expense (office equipment) 49,850 Interest expense 177,850 Depreciation expense (sales equipment) 37,850 Common stock ($10 par) 901,850

Swifty’s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $687,850.

Prepare a condensed 2017 income statement for Swifty Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

 

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