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  • Tempe Corporation Capital Structure consists of 90,000 shares of common stock. The December 31, 2016 account balances are listed below. All Adjusting entries have been made except for the accrual of taxes (20%) rate.

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Sales: 1,352,500

Purchases Discount 19,000

Purchases 681,000

Loss on discontinued Operations 75,000

Selling Expenses 124,000

Cash 65,000

Accounts Receivable 95,000

Common Stock 180,000

Accumulated Depreciation 157,000

Dividend Revenue 7500

Inventory January 1, 2016 158,000

Unearned Revenue 5,800

Accrued Interest Payable 1,500

Land 268,000

Patents 75,000

Retained Earnings January 1, 2016 286,000

Interest Expense 15,000

General and Administrative Expense 143,000

Dividends Declared 25,000

Allowance for Doubtful Accounts 5,700

Notes Payable 175,000

Machinery and Equipment 495,000

Office Supplies 50,000

Accounts Payable 79,000

Inventory December 31,2016

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a) Prepare a Multi-Step income statement; include EPS

b) Prepare a Retained Earnings Statement

c) Prepare a 12/31/16 Balance Sheet

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