p22 - Correction of understatement of depreciation expense...

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Income Statement and Related Information 4 - 15 69. Edmonds Corporation reports the following information: Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 200,000 Edmonds should report earnings per share of a. $1.50. b. $1.80 c. $2.20. d. $2.50. 70. Simmons Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/07, as reported 2,000,000 Simmons should report retained earnings, 1/1/07, as adjusted at a. $1,570,000. b. $2,000,000. c. $2,430,000. d. $3,110,000. 71. Simmons Corporation reports the following information:
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Unformatted text preview: Correction of understatement of depreciation expense in prior years, net of tax $ 430,000 Dividends declared 320,000 Net income 1,000,000 Retained earnings, 1/1/07, as reported 2,000,000 Simmons should report retained earnings, 12/31/07, as adjusted at a. $1,570,000. b. $2,250,000. c. $2,680,000. d. $3,110,000. 72. Joe Novak Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 215,000 Dividends declared 160,000 Net income 500,000 Retained earnings, 1/1/07, as reported 1,000,000 Joe Novak should report retained earnings, 1/1/07, as adjusted at a. $785,000. b. $1,000,000. c. $1,215,000. d. $1,555,000....
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