cosc acc 101 coscacc101sp13 496680
Aug 29, 2021 | Uncategorized
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Walker Company had total revenue and expense numbers of $1,500,000 and $1,200,000, respectively, in the current year. In addition, the company had a gain of $230,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 35 percent income tax rate.
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Prepare an abbreviated income statement for Walker for the year. (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)
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WALKER COMPANY
Income Statement
For year ended _____. |
| (Click to select)Interest receivableOffice equipmentRevenuesSalaries payableDepreciation expenses |
$ |
| (Click to select)ExpensesOffice equipmentSales revenueDepreciation expensesSupplies expense |
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| (Click to select)Income before extraordinary itemAccounts payableDepreciaton expensesDeferred revenueDepreciation expenses |
$ |
| (Click to select)Sales revenueExtraordinary lossExtraordinary gainInterest receivableSalaries payable |
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| (Click to select)Net incomeNet loss |
$ |
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Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred:
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Net income of $88,000 was earned. |
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A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding.
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Prepare a statement of retained earnings for the year. (Input all amounts as positive values. Omit the “$” sign in your response.)
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MESSER COMPANY
Statement of Retained Earnings
For year ended _____. |
| (Click to select)Depreciaton expensesSupplies expenseOffice equipmentRetained earnings, beginning of yearRetained earnings, end of year |
$ |
| (Click to select)Less: Net lossAdd: Net income |
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$ |
| (Click to select)Deduct: Cash dividend on common stockSupplies expenseFuel expensesSalaries payableAdd: Cash dividend on common stock |
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| (Click to select)Retained earnings, beginning of yearDepreciaton expensesSalaries payableOffice equipmentRetained earnings, end of year |
$ |
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