[fustrated]

I have prepared an income statement including earnings per share data, for the year ended December 31, 2008 and I would like to have someone take a look and see if I did it correctly. If it is not correct could someone help me so I know where I went wrong.

Thanks in advance.

waterloo water products had sales during 2008 of $895,000. Waterloo's gross profit percentage is 55 percent. Purchases of inventory during 2008 totaled $466,250 and a count of inventory on hand at the end of the year totaled $189,500. Selling expenses are 18 percent of sales and general and administrative expenses are equal to 80 percent of selling expenses. Waterloo's income tax is 30 percent and the company has 60,000 shares of common stock outstanding.

Waterloo Water Products
Income Statement
For the year ending December 31, 2008
Revenue:
Sales... 895,000
Cost of good Sold:
Beginning Inventory... 126,000
Net Purchases... 466,250
Less: Ending Inventory... 189,500.. 276,750... 402,750
Gross Profit... 492,250
Operating Expenses:
Selling Expenses... 161,100
General and Administrative Exp... 128,880... 289,980
Income before Taxes... 202,270
Income Taxes is 30% of 202,270... 60,681
Net Income... 141,589

Earnings per common share
141,589/60,000= 2.36