The following information was taken from the ledger of Maxim, Inc.:
|
Prior period adjustment credit to Retained Earnings |
$ 5,000 |
Treasury stock, common (5,000 shares at cost) |
$ 25,000 |
|
Gain on sale of plant assets |
21,000 |
Selling expenses |
78,000 |
|
Cost of goods sold |
380,000 |
Common stock, no par, 45,000 shares issued |
180,000 |
|
Income tax expense (saving): |
Sales revenue |
620,000 |
|
|
Continuing operations |
32,000 |
Interest expense |
30,000 |
|
Discontinued operations |
8,000 |
Extraordinary gain |
26,000 |
|
Extraordinary gain |
10,000 |
Income from discontinued operations |
20,000 |
|
Preferred stock, 8%, $100 par, 500 shares issued |
50,000 |
Loss due to lawsuit |
11,000 |
|
Dividends |
16,000 |
General expenses |
62,000 |
|
Retained earnings, beginning, as originally reported |
103,000 |
Required
Prepare a single step income statement (with all revenues and gains grouped together) and a statement of retained earnings for Maxim, Inc., for the current year ended December 31, 20XX. Include the earnings per share presentation and show computations. Assume no changes in the stock accounts during the year.