i have completed this in excel but would like to compare my answers 5. The following pretax amounts are taken from the adjusted trial balance of Boo Inc.on December 31, 2020, its annual year-end. Assume that the income tax rate for allitems is 25%. The average number of common shares outstanding during the yearwas 20,000.DescriptionBalance, retained earnings, December 31, 2019Sales revenueBal.$ 270,0001,800,000Cost of goods soldSelling expensesAdministrative expenses630,000216,000204,000Gain on sale of investments60,000Unrealized holding gain on debt investments, net of taxPrior period adjustment, understatement of depreciationfrom prior period (2019)Dividends declared and paid25,500120,00096,000Income tax rate25%Number of common stock shares20,000Compute the following amounts for the year-end financial statements of 2020. Round theper share amount to two decimal places.e. Comprehensive Income (2020)f. Retained Earnings balancea. Gross profit (2020)b. Operating income (2020)(12/31/2020)c. Net income (2020)d. Earnings per share (2020)

Income statement: It is one of the financial statements prepared by an organization. This statement…

5. The following pretax amounts are taken from the adjusted trial balance of Boo Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Description Balance, retained earnings, December 31, 2019 Sales revenue Bal. $ 270,000 1,800,000 630,000 Cost of goods sold Selling expenses Administrative expenses 216,000 204,000 Gain on sale of investments 60,000 25,500 Unrealized holding gain on debt investments, net of tax Prior period adjustment, understatement of depreciatfon from prior period (2019) Dividends declared and paid 120,000 96,000 Income tax rate 25% Number of common stock shares 20,000 Compute the following amounts for the year-end financial statements of 2020. Round the per share amount to two decimal places. e. Comprehensive Income (2020) f. Retained Earnings balance a. Gross profit (2020) b. Operating income (2020) (12/31/2020) c. Net income (2020) d. Earnings per share (2020)

5. The following pretax amounts are taken from the adjusted trial balance of Boo Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Description Balance, retained earnings, December 31, 2019 Sales revenue Bal. $ 270,000 1,800,000 630,000 Cost of goods sold Selling expenses Administrative expenses 216,000 204,000 Gain on sale of investments 60,000 25,500 Unrealized holding gain on debt investments, net of tax Prior period adjustment, understatement of depreciatfon from prior period (2019) Dividends declared and paid 120,000 96,000 Income tax rate 25% Number of common stock shares 20,000 Compute the following amounts for the year-end financial statements of 2020. Round the per share amount to two decimal places. e. Comprehensive Income (2020) f. Retained Earnings balance a. Gross profit (2020) b. Operating income (2020) (12/31/2020) c. Net income (2020) d. Earnings per share (2020)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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