HW2 - Retained earnings January 1 as reported $980,000...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Brokaw Corp. Income Statement For the Year Ended December 31, 2010 Sales Revenue    Net sales $1,200,000     Cost of goods sold $780,000    Write-off of inventory due to obsolescence 80,000 860,000    Gross profit 340,000 Operating Expenses    Selling expenses 65,000    Administrative expenses 48,000 113,000    Income from operations 227,000 Other Revenues and Gains    Dividend revenue  20,000    Interest revenue 7,000 27,000    Income before income tax and extrodinary item 254,000 Income tax 86,360    Income before extrodinary item 167,640 Extrodinary Items    Casualty loss before tax 50,000    Applicable income tax deduction 17,000 33,000 Net income $134,640 Per Share of Common Stock    Income before extrodinary item 2.79    Extrodinary item, net of tax 0.55 Net income 2.24
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Brokaw Corp. Retained Earnings Statement For the Year Ended December 31, 2010
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Retained earnings, January 1, as reported $980,000 Correction for overstatement of net income in prior period (depreciation error) 26,400 Retained earnings, January 1, as adjusted 953,600 Add: Net income 134,640 1,088,240 Less: Cash dividends declared 45,000 Retained earnings, December 31, 2010 $1,043,240 Bryant Co. Statement of Stockholders' Equity For the Year Ended December 31, 2010 Total CI RE Acc. OCI Beginning balance $520,000 $90,000 $80,000 Comprehensive income Net income 170,000 170,000 170,000 Other comprehensive income Unrealized holding gain, net of tax 50,000 50,000 50,000 Comprehensive income $120,000 Dividend 10,000 10,000 Ending balance $630,000 $250,000 $30,000 CS $350,000 $350,000...
View Full Document

{[ snackBarMessage ]}

Page1 / 4

HW2 - Retained earnings January 1 as reported $980,000...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online