E11-20_P11-39A_S12-4_E12-26

E11-20_P11-39A_S12-4_E12-26 - Assignment 11 Submitted By...

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Assignment 11 Submitted By Gaurav Jain ID -110-00-1335 E 11-20 Lake Air Mall, Inc. Statement of Stockholders’ Equity Year Ended December 31, 20X5 $1 Par Common Stock Additional Paid-in Capital Retained Earnings Total Balance, Dec. 31, 20X4 $320,000 $600,000 $680,000 $1,600,000 Stock dividend 16,000 144,000 (160,000*) —— Issuance of common stock 20,000 220,000 240,000 Net income 340,000 340,000 Cash dividends (100,00 0 ) (100,00 0 ) Balance, Dec. 31, 20X5 $356,000 $964,000 $760,000 $2,080,000 *320,000 shares × .05 × $10 per share = $160,000.
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P11-39A Sol Sweetie Pie Foods, Inc. Income Statement Year Ended June 30, 20X7 Revenues: Net sales revenue ($733,000 less returns of $22,000 and discounts of $10,000)… $701,000 Expenses: Cost of goods sold…………………………. . $383,000 Selling expenses……………………………. 103,000 General expenses…………………………… 74,000 Income tax expense………………………… 56,400 Total expenses……………………………. 616,400 Income from continuing operations ………. .. 84,600
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This note was uploaded on 05/23/2011 for the course ACCT 500 taught by Professor Ballla during the Spring '11 term at Northern Virginia.

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E11-20_P11-39A_S12-4_E12-26 - Assignment 11 Submitted By...

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