Acct610 sess2 - Net Income $1,050 Vase Company Retained...

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Vase Company Revenue Statement December 31, 2010 Sales Revenue $179,000         Cost of Goods Sold 110,700        Gross Profit $68,300  Operating Expenses:        Selling expenses $19,000         Income from operartions 2,240        General and administrative expenses 24,300 Total Operating Expenses $45,540        Operating Income $22,760  Other expenses:       Dividend Revenue  $1,800.00        Interest expense  $(4,100.00)       Loss on Sale of Land  $(4,800.00)       Loss on Sale of Division K  $(2,800.00)       Loss from expropriation  $(6,440.00)  $(16,340.00) Total other income $6,420       Income tax expense  $(5,370.00)
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Unformatted text preview: Net Income $1,050 Vase Company Retained Earnings Statement December 31,2010 Retained earning January 1,2010 $62,850 Correction of error in 2009 income $(3,500.00) Corrected retained earnings $59,350 Net income $1,050 $60,400 Less: Dividends $(7,500.00) Retained Earnings December 31,2010 $52,900 Loss from expropriation doesn't belong in the retained earnings statement, it should be in the income statement. Correction of error in last years income belongs in the reatained earnings statement because it normally isn't reported in the income if the books from the previous year are closed....
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This note was uploaded on 11/13/2010 for the course ACCT 610 taught by Professor Mc during the Fall '09 term at University of Maryland Baltimore.

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Acct610 sess2 - Net Income $1,050 Vase Company Retained...

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