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Unformatted text preview: Enter the appropriate numbers in the shaded cells in columns I and K below. Radiant Cosmetics Inc. Income Statement (Partial) For the year Ended December 31, 2008 Income from operations before income taxes Err:509 Income taxes Err:509 Income from continuing operations Discontinued operations Loss from operations of discontinued cosmetics division (including loss on disposal of $50,000) Err:509 (32,000) Income tax benefit Err:509 12,000 Extraordinary gain (net of income taxes of $10,000) Err:509 Net income Earnings per share Income from continuing operations Err:509 Loss from discontinued operations Err:509 Extraordinary gain Err:509 Net income Radiant Cosmetics Inc. Retained Earnings Statement For the year Ended December 31, 2008 Retained earnings, January 1, 2008 Err:509 Add: Correction of sales understatement in 2007 (net of income taxes of $21,000) Err:509 Deduct correction for omission of depreciation of prior periods (net of income tax refund claim of $8,000) Err:509 Adjusted retained earnings, January 1, 2008 Add: Net income per income statement Err:509 Deduct: Dividends declared Err:509 Retained earnings, December 31, 2008 $210,000...
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